Asian stocks rise on US labor data

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TOKYO — Asian stocks rallied and the dollar reached a fresh seven-week peak on the yen on Monday after blowout US labor market data dispelled fears of a recession and spurred a sharp paring of rate-cut bets.

US Treasury yields touched two-month highs, extending their rise after the closely watched non-farm payrolls report on Friday showed the economy unexpectedly added the most jobs in six months in September.Crude oil prices eased from a one-month peak even as Israel bombed targets in Lebanon and the Gaza Strip, with Monday marking one year since the Hamas attack that triggered war.Japan's Nikkei led regional equity gains with a 2.

Bets for a supersized 50-basis-point rate cut at the US Federal Reserve's next policy announcement on November 7 — which had been above 50 percent a week ago — were completely erased after the payrolls report.Instead, traders now lay a 96-percent odds on a quarter-point cut, with a small chance that the policy rate stays unchanged, according to CME Group's FedWatch Tool.

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