HONG KONG: Asian markets rose Monday (Oct 7) after a blockbuster US jobs report soothed any concerns about the world's top economy, while the dollar held gains with traders scaling back bets on another bumper interest rate cut. Oil prices rose as traders await Israel's response to Iran's missile barrage last week amid fears of a region-wide war in the Middle East. All three main indexes on Wall Street rallied Friday on data showing a forecast-busting 254,000 US jobs were created last month and the unemployment rate fell. "The September payrolls print was meaningfully better than expected," said Taylor Nugent, a senior markets economist at National Australia Bank. Inflation data later in the week will be closely watched by traders hoping for more of an idea about the Fed's decision-making.

Source: The Star October 07, 2024 19:25 UTC