Global Rally Boosts Asian Shares, Oil Surges on Saudi Cuts.

Asian stock markets extended their rally on Monday, buoyed by optimism that the Federal Reserve would pause its rate hikes this month after a mixed US jobs report. Oil prices rose after Saudi Arabia pledged big output cuts, with Brent oil up 1% to $76.89 a barrel. The Bank of Canada will meet on Wednesday, with a majority of economists polled by Reuters expecting the BOC to keep interest rates on hold at 4.5% for the rest of the year although the risk of one more rate hike remains high.