TOKYO : Asian stocks rallied and the dollar reached a fresh seven-week peak on the yen on Monday after blowout U.S. labour data dispelled fears of a recession and spurred a sharp paring of rate-cut bets.Short-term U.S.
FILE PHOTO: A man works at the Tokyo Stock Exchange after market opens in Tokyo, Japan October 2, 2020. REUTERS/Kim Kyung-Hoon/File PhotoTOKYO : Asian stocks rallied and the dollar reached a fresh seven-week peak on the yen on Monday after blowout U.S. labour data dispelled fears of a recession and spurred a sharp paring of rate-cut bets.
Japan's Nikkei led regional equity gains with a 2 per cent rally as of 0015 GMT, given additional momentum by the softer yen.Hong Kong's Hang Seng had yet to open, and mainland Chinese stocks remain closed until Tuesday for the Golden Week holiday.U.S. Dow futures pointed 0.08 per cent higher after the cash index closed at an all-time peak after the payrolls data on Friday.
The euro eased 0.07 per cent to $1.0971, slipping back towards Friday's seven-week trough at $1.09515. The two-year U.S. Treasury yield rose 1.7 basis points to 3.9488 per cent on Monday, the highest in more than a month.
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