Asian stocks rose early on Monday after prospects of a near-term interest rate hike by the Federal Reserve ebbed in the wake of Friday’s weaker-than-expected U.S. employment data.
Data released Friday showed U.S. non-farm payrolls rose by 142,000 in September, considerably lower than the 203,000 jobs the markets had expected. ECONUS
The lackluster jobs report, which also showed a stall in U.S. hourly wage growth, fueled doubts that the world’s largest economy was robust enough to withstand a rate hike before year-end.
The possibility of the Fed delaying the lift-off date for rates also meant its loose policy, which has helped shore up risk assets globally by providing cheap cash, would continue a little longer. The Dow .DJI and S&P 500 .SPX both gained more than 1 percent Friday after initially shedding more than 1.5 percent.