Precise Investors Editorial Team
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9%
Share markets rose in Asia on Monday as AI’s insatiable demand for data buoyed chipmakers, and oil eased on reports more supply was finding its way out of the Gulf than previously thought despite the ongoing war.
Trade was thin with Japan on its Silver Week holiday through to Wednesday, leaving the dollar flat at 157.00 yen with investors wary in case of intervention by the Bank of Japan in support of yen.
The yen climbed on Friday after Japanese authorities conducted rate checks in the currency market, the Nikkei newspaper reported.
South Korea’s tech-heavy index added 1.4%, while Taiwan advanced 1% to a three-month high. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9%, and Chinese blue chips added 0.2%.
Nikkei was shut, but futures gained 0.2%.
Bond markets remained tense after a vicious selloff saw US 2-year yields climb 36 basis points in the past two weeks to heights not seen since mid-2024 at 4.7604%.
Bonds have also been dogged by deficit worries with the risk premium on French debt spiking on Friday to its widest since the euro zone debt crisis.
Oil prices eased even as Iran and the US exchanged new threats and after the Houthis attacked Saudi Arabia’s capital. Brent dropped 1.7% to $102.08 a barrel.
Data from analytics firm Kpler showed exports from the Saudi Arabia had recovered to just over 4 million barrels per day (bpd) so far in September after plunging to 2.4 million bpd in August, the lowest since at least 2013.
Elsewhere, S&P 500 futures firmed 0.4%, while Nasdaq futures rose 0.6%. In Europe, EUROSTOXX 50 futures advanced 0.5%, while DAX futures added 0.4% and FTSE futures 0.2%.
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