Miners and banks drive Australian shares higher
The S&P/ASX 200 index rose 0.9% to 8,741.60 by 0037 GMT, trading near its record high of 8,776.40 hit on July 18.
Data released on Friday showed that U.S. employment growth was weaker than expected in July while the nonfarm payrolls count for the previous two months was revised down, raising fears of slowing growth in the world's largest economy.
The weaker numbers bolstered expectations for a Federal Reserve interest rate cut in September, with the CME Fedwatch tool showing a more than 94% probability.
In Sydney, index heavyweight miners gained 1.4% after iron ore prices strengthened overnight, helped by firm near-term demand in top consumer China.
Mining giants Rio Tinto and BHP gained 1.1% and 1%, respectively.
Gold stocks jumped 2.2%, with Northern Star Resources rising 3.1%.
Banks advanced 0.8%, with the "Big Four" banks gaining between 0.4% and 1.2%.
The Reserve Bank of Australia is set to announce its next cash rate decision on August 12, and investors are pricing in a 51% chance of an interest rate cut, according to the RBA Watch tool. In July, the central bank left rates steady at 3.85%.
Technology stocks tracked their U.S. peers higher and were last up 1.6%. WiseTech Global climbed 1.4%.
Among individual stocks, TPG Telecom fell 2.5% as the company cut its annual pro-forma earnings forecast. Earlier in the day, it rallied as much as 4.2% to its highest since August 2022.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.6% to 12,764.82, ahead of the second-quarter jobs report due on Wednesday.
The Reserve Bank of New Zealand policy decision is due on August 20 and investors have priced in an 80% chance of a 25-basis-point rate cut.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Subhranshu Sahu)
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