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Asian Stocks saw a boost and the dollar climbed to a seven-week high against the yen on Monday following strong U.S. labor data that dispelled concerns of a recession and led to a reduction in rate-cut expectations.
After the non-farm payrolls report showed the U.S. economy added more jobs than expected in September, short-term U.S. Treasury yields rose. Gold prices retreated from a one-month peak despite ongoing conflict in the Middle East.
Japanese Stocks led the gains in the region with a 2% rise, supported by a weaker yen. Other Asian markets also saw increases, with Australia’s benchmark adding 0.12% and South Korea’s Kospi gaining 0.29%.
The broader Asia-Pacific shares index climbed 0.4%, while U.S. stock futures pointed to a 0.08% increase after reaching a record high on Friday.
The U.S. dollar strengthened against the yen, reaching 149.10 yen, its highest level since August. The euro edged lower to $1.0971, approaching a seven-week low.
Market expectations for a 50-basis-point rate cut by the Federal Reserve in November were completely erased after the strong jobs report. Instead, traders now anticipate a quarter-point cut with a small chance of no change in policy rates.
Crude oil prices dipped after posting their largest weekly gains in over a year amid escalating tensions in the Middle East.
Brent futures fell 65 cents to $77.40 per barrel, while U.S. West Texas Intermediate crude futures dropped 53 cents to $73.85 per barrel.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.