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Asian shares are poised for a third consecutive day of gains, driven by optimism over potential lower U.S. auto tariffs, boosting Japanese carmakers like Toyota, which rose 2%.

Asian stocks rose 0.7%, led by South Korea, driven by expectations of Federal Reserve interest rate cuts following a weak U.S. jobs report. Markets now price in a 95% chance of a Fed rate cut in September, up from 80%, with a 99% likelihood of a 25-basis-point move

Indices found support overnight after a consistent sell-off in the final week of July. The S&P 500 ended Friday 1.6% lower, and the Nasdaq 100 dropped 2%. The U.S. 10-year yield fell 16 basis points Friday, while policy-sensitive two-year yields dropped 28 basis points.