Asian stock markets boosted after U.S. jobs report

Asian stock markets traded higher on Monday as an upbeat U.S. jobs report suggested the likelihood of the Federal Reserve raising interest rates for the first time in almost a decade at its policy meeting next week. The jobs report boosted stock markets in Asia and Australia while the oil prices are pressured.

The U.S. Labor Department reported that the U.S. economy created 211,000 jobs in November, according to CBNC News. The number is beating market expectations and it is a sign that consumers are still spending and keeping the U.S. economy afloat even as manufacturing and energy companies struggle.

Chief Market Strategies at Melbourne's IG Chris Weston said in a research report that the U.S. jobs report is strong enough to cement expectations of a hike next week, but not strong enough to influence the path of rate hikes in 2016. The market is assigning a 40 percent probability of a second rate hike by March.

According to Reuters, Japan's Nikkei 225 jumped 1.2 percent or 236 points to 19,740. The Topix rose 1 percent or 15 points higher at 1,589. Electronics and automakers shares like Toyota, Sony, Sharp, and Canon rose between 0.52 and 1.5 percent. Other blue chip stocks also traded higher.

The South Korea's Kospi up 0.07 percent to 1,976. Most Korea blue chip stocks rose, with shares in steel manufacturer Posco up 0.88 percent and Kepco up 0.73 percent.

China's Shanghai Composite was up 0.31 percent at 3,536 while Shenzen Composite rose 1 percent at 2,256. Hong Kong's Han Seng index gained 68 points or 0.31 percent at 22,304.

On Australia markets, the ASX 200 index was up 0.3 percent to 5,168.80. Australia banking stocks rose between 0.3 and 0.9 percent. Newcrest Mining shares up 3.05 percent, Evolution Mining up 4.34 percent, and Alacer Gold shares rose 1.87 percent.

Stock benchmarks also traded higher in Singapore, Taiwan, Indonesia, and the Philippines.

On Wall Street, the Dow Jones Industrial Average rose 2.1 percent or 369.96 points to end Friday at 17,847.63. The S&P 500 rose 2.1 percent or 42.07 points, the best rising since September 8, to 2,091.69. The Nasdaq Composite rose 2 percent or 105 points to 5,142.27.

The U.S. dollar has also been cheered up by the jobs report. After had been hit hard on last Thursday following the ECB meeting, it continued to recover in Asian Trading, according to Financial Times. The dollar index was up 0.1 percent at 98.42 in mid-morning trade on Monday. The euro was 0.2 percent weaker at $1.0858. Japan yen was 0.1 percent weaker at 123.28 yen per dollar.

Benchmark U.S. crude futures fell 41 cents to $39.56 a barrel in electronic trading on the New York Mercantile Exchange. The West texas Intermediate futures traded 1.15 percent lower in Asia trade at $39.51. International oils benchmark Brent Light Crude Oil was down 24 cents to $42.76 a barrel.