Asian Stocks Eye Early Gains After US Jobs Report: Markets Wrap

-- Most Asian stocks are set to open higher in early trading after strong US jobs data underscored the health of the world’s largest economy and boosted soft landing hopes.Australian shares and Japan equity futures rose while contracts in Hong Kong slipped. US contracts edged higher early Monday after the S&P 500 rose 0.9% on Friday. The dollar was steady following its best week in two years as Treasury yields surged amid recalibrated bets on the size of the Federal Reserve’s next rate cut.

Asian currencies, however, are set to further unwind last quarter’s rally after a gauge of the dollar climbed 0.4%, pressuring emerging market peers. The Korean won slumped more than 1% after the jobs report while currency forwards for the Indonesian rupiah, Philippine peso and Thai baht all fell, indicating early losses when spot markets reopen.

Elsewhere in Asia, New Zealand bonds fell less than Treasuries as markets anticipate the nation’s central bank will cut interest rates by 50 basis points on Wednesday. Australia’s bond market was closed for a holiday in Sydney. Two people have died and at least eight have been injured after an explosion near a major airport in Pakistan, officials have said.Pat Surtain II picked off a pair of passes and his 100-yard interception return for a touchdown powered the Denver Broncos past the injury-riddled Las Vegas Raiders 34-18 on Sunday, snapping an eight-game losing streak in the storied AFC West series. Rookie Bo Nix had a breakout day with a pair of touchdown passes after coming into the game with just one.

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