Weaker-than-expected US jobs data and falling oil prices spur risk appetite, lifting Asian equities with KOSPI up nearly 6%.
Asian stock markets surged Friday after US Nonfarm Payrolls data showed only 57K jobs added in June, well below the 110K estimate. May’s figure was also revised down to 129K from 172K, reducing expectations for Federal Reserve rate hikes.
The CME FedWatch tool now shows a 53.2% chance of a September rate increase, down from 64% earlier in the week. Lower oil prices, driven by easing geopolitical tensions, further supported risk assets.
Nikkei 225 rose 1% to near 69,500, while KOSPI jumped 5.8% to 8,090, led by rebounds in Samsung Electronics and SK Hynix after recent declines.