Asian shares rose on Monday after a weaker-than-expected U.S. jobs report prompted investors to trim expectations that the Federal Reserve would hike interest rates as early as this month.
MSCI's broadest index of Asia-Pacific shares outside Japan extended early gains and was up 1.4 percent by midday.
Japan's Nikkei settled at a high not seen in three months on Monday after exhausting some earlier sharp gains in volatile trade, while banks were sold after the central bank governor reaffirmed his readiness to ease monetary policy further.
Led by such defensive stocks as utility companies and retailers, the Nikkei ended 0.7 percent higher at 17,037.63, the highest closing level since May 31. Still, it was down from the intraday high of 17,156.36 hit in morning trade.
Investors chased the market higher in morning trade, echoing Wall Street's positive reactions to Friday's news of slower than expected U.S. jobs growth, which meant little chance of a Federal Reserve rate hike this month.
China stocks edged up marginally on Monday, underpinned by a jump in the raw materials sector, but shares remained largely in their recent range-bound trading pattern.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.2 percent to 3,319.68 points, while the Shanghai Composite Index gained 0.2 percent to 3,072.10 points.
Reference: Reuters
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