Most stocks in the Asia-Pacific region began the week higher, led by Japan, after jobs data in the US reinforced bets of a soft landing.
The Japanese benchmark Nikkei 225 was 719 points, or 1.86% higher at 39,354, while Australia's S&P ASX 200 was up 40 points, or 0.5% at 8,190 as of 08:51 a.m. Hong Kong's Hang Seng rose over 1% on Monday.
Traders will keep an eye out for the escalating tensions in West Asia as Israel would retaliate against Tehran for a missile attack last week. Brent fell below $78 a barrel after rising the most since January 2023 last week, according to Bloomberg.
The positive start to the Asian stocks came after traders cut the expectation of a large rate cut in the upcoming policy meeting by the US Federal Reserve as the data hinted at an economy poised for a soft landing.
US job growth for September last month topped estimates, growing by the most in six months. Last month's nonfarm payrolls rose 2.54 lakh versus an estimated addition of 1.50 lakh. Meanwhile, the unemployment rate for the month was recorded at 4.1% against the estimate of 4.2%.
During the week, the inflation print and the Federal Open Market Committee minutes will be the data in focus in the world's largest economy.
Elsewhere, Chinese stocks will be on focus as their stock market will open on Tuesday after a week's break. After a record-breaking rally last week, China regained the influence it lost for over 10 months in the MSCI Emerging Market index.
Central banks in South Korea, New Zealand, and India will announce policy decisions during the next week. The Reserve Bank of India will begin its monetary policy meet on Monday and will announce the decision on Oct. 09.
US stocks closed last week with gains after a stronger-than-expected jobs report. The S&P 500 and Nasdaq Composite advanced 0.90% and 1.22%, respectively. The Dow Jones Industrial Average climbed by 0.81%.
Brent crude was trading 0.46% lower at $77.69 a barrel as of 8:53 a.m. IST. West Texas Intermediate was down 0.36% at $74.11.
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