Asian Shares Rise as AI Demand Boosts Chipmakers, Oil Prices Ease

Asian share markets rose on Monday as AI's insatiable demand for data buoyed chipmakers, while oil prices eased due to hopes that Saudi Arabia could boost supplies after a Houthi attack on Riyadh.

The dollar remained steady at 157.00 yen with investors wary of potential Bank of Japan intervention during the holiday in Japan. The Nikkei index was shut but futures rose 0.5%, while South Korea's tech-heavy index gained 1.1%.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%. S&P 500 and Nasdaq futures firmed 0.3% and 0.4% respectively, as EUROSTOXX 50 and DAX futures both rose 0.2%, with FTSE futures flat.

Bond markets remained tense after a recent selloff saw US 2-year yields jump 36 basis points to heights not seen since mid-2024 at 4.7604%. The Federal Reserve's hawkish guidance has futures wagering on a 56% chance of another rate hike in October, with a move by year-end considered likely.