Markets built on a global rally yesterday after a mixed US jobs report lifted hopes the Federal Reserve will skip an interest rate hike this month, while oil extended gains after Saudi Arabia slashed output.

The figures combined with news that Washington had finally passed a debt ceiling deal to avert a catastrophic default, while a report that China is looking at fresh support for its property sector also boosted sentiment.

Wall Street surged Friday after data showed the US economy added 339,000 jobs last month, far more than expected, indicating the labor market remained strong despite more than a year of Fed rate increases.

Asian traders welcomed the news, with Hong Kong extending Friday's four percent surge, while Tokyo piled on more than two percent to a fresh three-decade high and Sydney added one percent.

The Philippine Stock Exchange Composite index (PSEi) gained by 9.63 points or 0.15 percent to close at 6,521.64. The broader All Shares index was likewise up, closing 11.46 higher or 0.33 percent to settle at 3,486.33.

The sectoral gauges were also mostly up except for services and property. Total value turnover reached P3.36 billion. Market breadth was positive, 114 to 64 while 37 issues were unchanged.

The latest advances across equities have come as investors bet the Fed will not tighten monetary policy at its meeting next week, though expectations are it will do so in July.

The central bank has lifted rates 10 times since early last year.

Meanwhile, oil prices jumped more than two percent, adding to Friday's more than two percent advance, after Saudi Arabia slashed output by a million barrels per day for July, which it said was 'extendable'.

Energy Minister Prince Abdulaziz bin Salman told reporters after an hours-long meeting of OPEC and other key producers that he 'will do whatever is necessary to bring stability to this market'.

The crude market has come under pressure in recent months on concerns that a year of rate hikes by central banks would spark recessions and hit demand, while China's post-zero-Covid rally has run out of steam.


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