Asia Markets Rise Amid AI Demand, Oil Prices Fall
Asian share markets rose on Monday due to increased demand for data by AI, which boosted chipmakers. Oil prices fell as more supply was expected from the Gulf region than initially thought.
The Bank of Japan's potential intervention in support of its currency kept investors cautious, leaving the dollar flat at 157 yen. Trade was thin due to Japan's Silver Week holiday.
South Korea's tech-heavy index gained 1.4%, while Taiwan rose 1% to a three-month high. MSCI's Asia-Pacific shares outside Japan added 0.9%, and Chinese blue chips gained 0.2%. The Nikkei was closed, but futures rose 0.2%.
Federal Reserve hawkish guidance led to increased speculation of rate hikes in October and December. BofA analysts said the Fed would likely restrain demand due to high nominal consumer spending.