US jobs report eases inflation fears, boosting Wall Street and ASX

Wall Street indexes climbed toward all-time highs following a US jobs report that eased fears of accelerating inflation. The S&P 500 rose 0.7 per cent, the Dow Jones Industrial Average added 250 points, and the Nasdaq composite gained 1.2 per cent.

US government data indicated that employers added 29,000 jobs last month, a significant slowdown from the 133,000 net hiring rate seen in August. This softer-than-expected employment data has led traders to reduce bets on further interest rate hikes by the Federal Reserve. According to CME Group data, the probability of a rate hike at the next meeting fell to less than 23 per cent, down from 64 per cent a week prior.

In Australia, the ASX is expected to rise, with futures indicating a gain of approximately 0.3 per cent at the open. The Australian dollar was trading at US69.56 cents.