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Asian stocks cheer dropping 2015 Fed rate-hike bets after poor NFP

FXStreet (Mumbai) - Asian stocks kick-started the week on a firmer tone, as Asian traders took the positive cues from the strong Wall Street gains after disappointing US payrolls data boosted the expectations of delayed interest rate hike by the Fed.

The US labour market report showed an increase of 142,000 jobs last month, coming in weaker than an addition of 201,000 estimates.

ASX leads Asia higher amid low volumes

The benchmark Australian S&P/ASX 200 extended the previous rally and led the Asian markets higher as the rebound in commodity prices, drove the resource stocks higher. However, the liquidity remains thin as most Australian banks will be closed in observance of Labor Day.

While investors’ also cheered impressive Aus job ads data which revealed that the job ads rebounded 3.9% in Sept versus a 1.3% rise in August, climbing at the fastest pace in 15 months. The index rockets 1.80% to 5,143 points.

The Japanese benchmark, the Nikkei jumps as the yen gave back most of its NFP-backed gains as the US dollar remains firmer on its recovery-mode. A weaker yen, thus boosted the exports-oriented stocks higher. At the moment, USD/JPY trades 0.10% higher at 120 while the Nikkei rallies 1.22% to 17,941.

Chinese markets remain closed in observance of National Day – Golden Week. Although Hong Kong’s Hang Seng extends Friday’s rally and now gains +1.70% to trade at 21,873, having tested 22k mark.

NZD/USD: Bulls tighten grip in Asia, at fresh multi-week highs

The New Zealand dollar continues to outperform its American counterpart into a fifth straight session on Monday, with NZD/USD reaching fresh five-week highs in the upper band of 0.64 handle.
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World Bank downgrades East-Asia growth forecasts

In its latest report, the World Bank lowered its growth projections for developing East Asia-Pacific, once a bright spot in the world economy, citing the slowdown in China, lower commodity prices and expectations of the Fed tightening its monetary policy as the key reasons for dimming the growth outlook.
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