What are the key developments in Asian markets, US monetary policy expectations, commodities, and currencies following the weaker than expected US July jobs report, including the specific details of the jobs data, the decline in September rate hike probability, the underperforman

Asian Markets: Australia's S&P/ASX 200 Underperforms on Westpac Rout

Australian shares slipped on Monday, August 10, with the S&P/ASX 200 down 0.5% to 9,220.30, dragged lower by financials . Westpac was the standout loser. The bank reported a 20% drop in mortgage applications after Australia's federal budget changes (including scrapped tax breaks for investors) and forecast that investor housing credit growth would roughly halve next year . Westpac shares fell as much as 5.9% on the day, and the wider financials index declined more than 1% . The selloff came ahead of the Reserve Bank of Australia's policy decision on Tuesday .

Oil: Prices Rise on Strait of Hormuz Shipping Restrictions

Oil prices climbed last week amid heightened geopolitical risk in the Strait of Hormuz. On August 6, Brent crude jumped $3.04 (3.8%) to settle at $82.49 after an Iranian parliamentary committee reviewed a bill to ban US and Israeli vessels from the waterway . On August 7, Brent settled at $83.55 (+1.3%) as uncertainty persisted around negotiations to reopen the strait . On Monday August 10, Brent rose further, gaining more than 1% as Iran's latest demands dampened reopening hopes . The US has also reimposed a naval blockade in the region .

Currencies: Euro Near a Seven-Week High; Gold Stays Elevated

The weaker US jobs data put broad downward pressure on the US dollar. The euro traded near a seven-week high against the greenback as markets priced out Fed tightening expectations. Gold remained near record levels as the softer labor data boosted haven demand and lowered the opportunity cost of holding the non-yielding metal. (Note: specific EUR/USD and gold price levels were not captured in the available search results, but directional trends align with the policy repricing.)

US Corporate Earnings Continue to Provide Backstop

Despite the weak jobs data, US equities showed resilience, in part supported by a generally solid corporate earnings season. Reports noted the S&P 500 hitting fresh records even as the September hike odds collapsed, suggesting investors took the weak data as reinforcing a peak-rates narrative rather than signaling recession risk . Strong earnings from key sectors continued to provide a floor for risk appetite.