Asian markets surged on Monday following a robust US jobs report that eased concerns over the global economy. The dollar maintained its gains as investors reduced expectations of another significant interest rate cut. Meanwhile, oil prices saw a slight dip as traders awaited Israel’s response to Iran’s recent missile strike, raising fears of broader conflict in the Middle East.
On Wall Street, major indexes rallied after the US added 254,000 jobs in September, outperforming forecasts and calming recession worries. This job growth, the strongest in six months, bolstered the dollar as traders reassessed the likelihood of further aggressive Federal Reserve rate cuts.
In Asia, Japan’s Nikkei 225 climbed nearly 2%, while markets in Hong Kong, Sydney, and Seoul also posted gains. European markets opened positively, with London, Paris, and Frankfurt all seeing early rises.
Crude oil prices, initially spiking on concerns over potential Israeli strikes on Iranian oil sites, later eased as President Biden discouraged such action. Investors now await further developments on Middle East tensions, coinciding with the anniversary of Hamas’s attack on Israel.
