Most stocks in the Asia-Pacific region began the week higher after jobs data in the US reinforced bets of a soft landing. The Japanese benchmark Nikkei 225 was 862 points, or 2.29%, higher at 38,732, while Australia’s S&P ASX 200 was 7 points, or 0.09%, higher at 8,159 as of 05:38 a.m.
Traders will keep an eye out for the escalating tensions in West Asia as Israel would retaliate against Tehran for a missile attack last week. Brent fell below $78 a barrel after rising the most since January 2023 last week, according to Bloomberg.
The positive start to the Asian stocks came after traders cut the expectation of a large rate cut in the upcoming policy meeting by the US Federal Reserve as the data hinted at an economy poised for a soft landing.
US job growth for September last month topped estimates growing by the most in six months. Last month’s nonfarm payrolls rose 2.54 lakh versus an estimated addition of 1.50 lakh. Meanwhile, the unemployment rate for the month was recorded at 4.1% against the estimate of 4.2%.
During the week, the inflation print and the Federal Open Market Committee minutes will be the data in focus in the world’s largest economy.
