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Asian stock markets edged higher on Monday as strong demand for artificial intelligence infrastructure supported semiconductor shares, while oil prices eased despite heightened Middle East tensions following a Houthi attack on Riyadh.
Trading volumes were subdued with Japanese markets closed for the Silver Week holiday through Wednesday. The dollar held near 157.00 yen as investors remained alert for possible intervention after the yen strengthened on Friday following reported currency-market rate checks by Japanese authorities.
Japan’s Nikkei futures gained 0.5%, while South Korea’s technology-heavy market climbed 1.1%. MSCI’s broad Asia-Pacific index excluding Japan advanced 0.3%. U.S. stock futures also moved higher, with S&P 500 futures gaining 0.3% and Nasdaq futures rising 0.4%.
European futures were broadly positive, although global bond markets remained under pressure. U.S. two-year Treasury yields have jumped 36 basis points over the past two weeks to 4.7604%, their highest level since mid-2024.
The Federal Reserve’s hawkish guidance has strengthened expectations for further monetary tightening. Futures markets indicated a 56% probability of another Fed rate hike in October, while investors largely expect an additional increase by year-end. Bank of America analysts maintained their forecast for rate hikes in October and December, citing resilient consumer spending and persistent inflation pressures.
In currencies, the euro traded around $1.1477 after losing nearly 1% last week. European bonds also remained in focus after French debt risk premiums widened sharply, while Germany faced political uncertainty following Chancellor Friedrich Merz’s conservatives’ weak election performance.
Oil remained above $100 a barrel but edged lower as expectations that Saudi Arabia could restore flows through its damaged East-West pipeline offset geopolitical concerns. Brent crude slipped 0.2% to $103.68 a barrel, while U.S. crude fell 0.3% to $100.02.
Meanwhile, higher bond yields pressured gold, with the precious metal declining 0.2% to about $4,370 an ounce. Investors are also watching President Donald Trump’s UN General Assembly appearances this week ahead of his scheduled meeting with Chinese President Xi Jinping on Thursday.
