Asian shares rise after US jobs data lifts Fed rate-cut bets

Asian equity markets advanced on Monday after a weaker-than-expected US payrolls report pushed investors to scale back bets on further Federal Reserve rate hikes. Non-farm payrolls in the United States fell by 73,000 in July, while the unemployment rate edged up to 4.2 percent. US stock futures and Asia-Pacific benchmarks traded higher following the data. Japan's Nikkei 225 gained 1.1 percent, South Korea's Kospi added 0.7 percent, and Australia's ASX 200 rose 0.4 percent. Hong Kong's Hang Seng index edged up 0.1 percent. Elsewhere in the region, Brent crude climbed above $73 a barrel, reaching its highest level in recent weeks. Analysts said the rebound in oil prices could reignite concerns about inflation.