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Asian stocks climbed on Monday as weaker-than-expected U.S. labor data reduced expectations for further Federal Reserve interest rate hikes, supporting technology shares and easing pressure on government bonds.
The MSCI Asia Pacific Index gained about 1.1%, while Japan’s Nikkei 225 surged 2.6% to 70,074. Markets in China and South Korea were closed for public holidays.
U.S. stock futures also advanced, with Nasdaq 100 futures rising 0.4% to 31,187.25 and S&P 500 futures gaining 0.12% to 7,786.75. The moves followed the Nasdaq 100’s record close on Friday as enthusiasm surrounding technology and artificial intelligence stocks continued.
Friday’s U.S. employment report showed employers added fewer workers than economists expected in September, while wage growth slowed. The softer jobs data pushed money markets to price in less than a 25% probability of an October Fed rate hike.
U.S. Treasuries strengthened, with the benchmark 10-year yield falling two basis points to 5.25%. Bonds have faced prolonged selling pressure amid persistent inflation concerns, rising government spending and increased corporate borrowing to finance AI infrastructure.
Japanese technology shares led regional gains. TSMC rose about 3% following reports of a potential collaboration with Elon Musk’s Terafab, adding momentum to semiconductor stocks. Nippon Paint gained around 1% after agreeing to acquire Akzo Nobel’s Southeast Asian decorative paints business for $1.35 billion.
Elsewhere, Hong Kong’s Hang Seng fell 0.4%, while Singapore’s Straits Times gained 0.3%. Australia’s S&P/ASX 200 rose 0.3%, Thailand’s SET advanced 0.5%, and Malaysia’s KLCI edged higher. India’s Nifty 50 futures were little changed.
Oil prices reversed earlier gains, with December Brent crude falling 0.6% to around $101.60 a barrel after briefly topping $103. Prices initially rose after Saudi-backed forces launched an offensive against Iran-aligned Houthis in Yemen.
Softer U.S. employment data, lower Treasury yields and renewed technology optimism have strengthened risk appetite across Asian markets, although geopolitical tensions and elevated borrowing costs remain key risks.
