Asian equities are set to kick off the week higher following a strong U.S. jobs report last week and as traders await data from Japan and China.
Australia’s benchmark S&P ASX 200 rose nearly 1 percent in early trade while the Australian dollar sank to a fresh four-year low below 83 U.S. cents.
Banks rallied following the release of the highly anticipated Murray Report by Treasurer Joe Hockey on Sunday, with National Australia Bank and Westpac leading gains by nearly 2 percent each. In the financial system inquiry, former Commonwealth Bank CEO David Murray recommended lenders raise capital requirements, adopt “bail-in” capital methods in the case of a financial crisis and suggested increased power for regulators.
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