Global stocks rose today as investors scaled back expectations of a near-term US interest rate hike after fresh data showed a decline in American employment. However, renewed gains in oil prices limited market optimism.

Technology stocks led the recovery after a volatile period in recent weeks, with Japanese and South Korean chipmakers among the strongest performers in Asian markets.

Data from the US Bureau of Labor Statistics showed that the US economy lost 23,000 jobs in July, while employment growth recorded in May and June was revised lower. The weaker-than-expected figures pointed to a slowdown in the world's largest economy and reduced expectations that the Federal Reserve would raise interest rates in September.

According to Bloomberg, the probability of a September rate hike fell to about 43% from 64% a week earlier. Investors are now turning their attention to US inflation data due later this week for further clues about the Fed's next policy decision.

The jobs figures helped lift Wall Street, with the S&P 500 closing at a record high. The technology-heavy Nasdaq also gained more than 1%, supported by expectations that lower interest rates could benefit growth-focused companies.

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