Asian markets rise as US jobs data and Yemen conflict impact oil

Asian stock markets rose following soft US employment data, which has eased expectations that the Federal Reserve will implement further interest rate hikes in October. US non-farm payrolls increased by only 29,000 in September, missing economist forecasts and contributing to a rise in the unemployment rate to 4.2 per cent.

In energy markets, Brent crude prices rebounded after an initial decline. While the G7 and its partners announced plans to release up to 100 million barrels of strategic oil and diesel reserves over the next four months, prices recovered following reports of a Saudi Arabian-led military offensive against Iranian-backed Houthi militants in Yemen. The operation, which may include coastal pushes to secure Red Sea shipping routes, is expected to impact energy supply stability.

Market reactions were varied across the region: Japanese shares rallied 2 per cent, the Topix rose 0.9 per cent, and the Australian S&P/ASX 200 gained 0.6 per cent. Meanwhile, the New Zealand Dollar saw a modest recovery after hitting recent lows.