Asia markets trade higher after Wall Street declined overnight as jobs data clouds rate-cut path

Asia-Pacific markets opened mostly higher on Thursday, shrugging of stronger-than-expected U.S. payrolls data that dampened expectations for Federal Reserve rate cuts and sent U.S. stocks lower overnight.

Australia’sS&P/ASX 200 was up 0.42% in early trade.

Hong Kong’s Hang Seng index futures were at 27,206, lower than the HSI’s last close of 27,266.38. Japan’s Nikkei 225 opened higher, resuming trade after a holiday, adding 0.39%. The Topix advanced 0.12%.

South Korea’s Kospi jumped 1.12%, while the small-cap Kosdaq added 0.22%.

Overnight in the U.S., theDow Jones Industrial Averagesnapped a three-day win streak after a better-than-expectedJanuary jobs report.

The blue-chip index lost 66.74 points, or 0.13%, and closed at 50,121.40. TheS&P 500was nearly flat at 6,941.47. TheNasdaq Compositedropped 0.16% to end at 23,066.47.

The Bureau of Labor Statistics’ January nonfarm payrolls report showed job growth of 130,000 in January. Economists polled by Dow Jones had estimated gains at 55,000. Jobs growth in December was downwardly revised to 48,000.

Strong labor market has reduced the odds for interest rate cuts by theFederal Reserve.

The jobs report follows weaker-than-expected consumer data released on Tuesday.That report showed thatconsumer spending in December was flat, missing the 0.4% monthly gain expected from economists polled by Dow Jones.

—CNBC’s Sean Conlon and Liz Napolitano contributed to this report.