Asian Tech Stocks Fuel Market Rally Amid Oil Price Dip
Asian stock markets generally rose on Monday, September 21, driven by demand for shares in microchip manufacturers. The Nikkei index in Japan was not trading due to the Silver Week holiday period, but its futures rose 0.5%. In contrast, South Korea's technology-focused index gained 1.1%, and the broad MSCI Asia-Pacific index excluding Japan increased by 0.3%.
The US dollar held steady at 157 yen following Japanese authorities' currency rate checks on Friday, which led to a strengthening of the yen, according to the Nikkei newspaper. Technology stocks also supported markets in Europe, with EUROSTOXX 50 and DAX futures adding 0.2% each.
The bond market remained tense after a sell-off, with the yield on two-year US Treasury bonds rising by 36 basis points over the past two weeks to 4.7604%, its highest level since mid-2024. BofA analysts expect two more rate hikes in October and December.