SINGAPORE — Asia-Pacific markets were set to trade higher Monday as investors reacted to last week’s U.S. jobs report that trounced expectations and fueled hopes for a faster economic recovery.

Australian shares opened in the green. The benchmark ASX 200 climbed 1.73% in early trade as all sectors traded higher, with the heavily-weighted financials subindex adding 1.83%. Major banking and mining stocks rose: Shares of Commonwealth Bank jumped 1.86% while Rio Tinto added 2.54%, Fortescue was up by 2.49% and BHP gained 2.57%.

Nikkei futures pointed to opening gains in Japan.

Monday’s session in Asia-Pacific is set to follow a wild day in U.S. markets last Friday, where stocks roared back from a sharp sell-off as a stronger-than-expected nonfarm payrolls report improved optimism for a quicker economic recovery.

“Investors remain wary of the impact that the massive Biden fiscal experiment will have on longer-term interest rates, making for a fragile equity environment,” analysts at ANZ Research said in a morning note on Monday. “That defensiveness may prevail into the mid-March (Federal Open Market Committee) meeting.”

The U.S. Senate passed a $1.9 trillion coronavirus relief package over the weekend that includes direct payments of up to $1,400 to most Americans. The bill is expected to pass in the Democratic-held House this week and sent to President Joe Biden for his signature before a March 14 deadline to renew unemployment aid programs.

Last month, Fed Chair Jerome Powell told lawmakers that the U.S. economy was a long way from its employment and inflation goals and that it will likely take time for substantial further progress to be achieved. He said that inflation is still “soft” and that the Fed was committed to current policy, which implied interest rates are likely to remain low for now.