Hong Kong's stock market has emerged as a leader in the Asian equity landscape, buoyed by optimism ahead of crucial US jobs data that could shape future interest rate decisions. The surge in oil prices has temporarily plateaued after witnessing its most significant one-day hike in nearly a year.

While Japan and South Korea experienced gains in their markets, Australia saw a decline. Meanwhile, the Chinese stock exchanges were closed for the holiday, yet the Hang Seng index managed to reflect a bullish sentiment, as investors eagerly anticipate news regarding fiscal stimulus and spending trends during the holiday period. Futures for the S&P 500 and Nasdaq 100 also edged higher, indicating positive sentiment among US investors.

In a notable development, the dollar is set to mark its largest weekly gain in six months, driven by a recalibration of expectations surrounding aggressive interest rate cuts in the United States. The bond market remained steady in Asia following a previous sell-off on Thursday, which had elevated yields to levels unseen since September.

As for the energy sector, West Texas Intermediate and Brent crude oil stabilized after experiencing a remarkable rise of over 5% to reach a one-month high. The spike in oil prices can be linked to recent remarks from President Joe Biden about potential US support for Israeli military action against Iranian oil facilities, stirring fears of broader geopolitical conflict. Analysts are cautioning that military strikes could provoke retaliation from Iran, leading to significant disruptions in global oil supplies. A spokesperson from JPMorgan Asset Management highlighted that investors are particularly wary of how supply chains could be impacted.

The Japanese yen appreciated, while the British pound held steady after a significant drop against the dollar, reflecting shifts in expectations regarding the Bank of England’s upcoming rate decisions. Conversely, the South Korean won weakened, impacted by the reopening of local markets after two consecutive holidays.

Investor enthusiasm has surged in China following the announcement of a stimulus package, prompting the fastest rise in Chinese equities since November 2008. However, as traders take profits, the initial excitement shown towards this resurgence is beginning to cool, especially as they await further details regarding fiscal measures and consumer spending figures during the holidays.

As anticipation builds for monthly payroll data set to be released soon in the US, analysts are closely monitoring the labor market's health. Current predictions hold the unemployment rate steady at 4.2%, with forecasted payroll increases of 150,000 jobs. Economists are warning that a rise in unemployment could lead the market towards expectations of 50 basis point rate adjustments, thereby influencing the Federal Reserve's actions.

On the economic front, recent reports indicate resilience within the US economy, with the Institute for Supply Management's services index surpassing Wall Street estimates, and unemployment claims maintaining a steady trend.

In Asia, upcoming data includes S&P Global PMI figures for Hong Kong, inflation rates for the Philippines, and retail sales statistics from Singapore.

Key Market Movements:

- US stock futures: S&P 500 up 0.1%, Nasdaq 100 up 0.2%.

- Hong Kong's Hang Seng Index: Up 2.3%.

- Japanese Yen: Up 0.3% against the dollar.

- Bitcoin: Moved up 0.3% to $60,945.11.

In summary, as Hong Kong leads the charge in Asia's stock recovery amidst oil price fluctuations and geopolitical uncertainties, investors remain cautiously optimistic, anticipating crucial economic signals from the US in the coming hours.