Asia stocks hesitant, dollar firms as US payrolls dent Fed rate cut wagers

SINGAPORE - Asian shares started the week on a subdued note on Monday, while the dollar firmed as investors weighed when the U.S. Federal Reserve will start cutting rates in the wake of yet another blowout jobs report.

China mainland stocks reopened after extended holidays from Thursday, with the blue-chip gauge 0.5% lower. Hong Kong's Hang Seng Index rose 0.33%.Wall Street's main indexes closed higher on Friday after data showed U.S. job growth blew past expectations in March and wages increased at a steady clip, suggesting the economy ended the first quarter on solid ground.

Investors are also pricing in 62 basis points of cuts this year, less than the 75 basis points the Fed has projected. "Market expectations are drifting in favour of a cut in July rather than June and it’s easy to see why."The changing expectations on the outlook for U.S. rates have lifted Treasury yields, with the two-year Treasury yield, which typically moves in step with interest rate expectations, up 4.2 basis points at 4.774%, the highest in nearly four months.The elevated yields boosted the dollar, with the euro down 0.06% to $1.0829, while sterling was last trading at $1.2622, down 0.

In commodities, spot gold dropped 0.5% to $2,317.09 an ounce, having breached record peak last week. Israel and Hamas sent teams to Egypt for fresh talks on a potential ceasefire ahead of the Eid holidays, easing tensions in the Middle East that drove up oil prices by more than 4% last week on concerns of supply disruption.

An ex-GOP congressman blasts the 'populist wave' that he says has corroded conservatism: 'Now we're impeaching people like it's some kind of carnival'Billionaire Don Hankey offered to pay Donald Trump's full $464 million bond, but Trump's lawyers didn't notify the court about the offer, ProPublica reported.

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