Asia Rises on Chipmaker Boost, Oil Prices Ease Amid Saudi Hopes
Asian markets edged higher on Monday as AI's insatiable demand for data boosted chipmakers, while oil prices eased amid hopes that Saudi Arabia would boost supplies after a Houthi attack on Riyadh.
The Japanese market was closed due to the Silver Week holiday, but futures rose 0.5%. South Korea's tech-heavy index gained 1.1%, and MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%.
Oil prices held above $100 as Iran and the US exchanged new threats, with Saudi Arabia reportedly aiming to quickly restart some flows through its main east-to-west pipeline after it was damaged in attacks last week.
US yields jumped 36 basis points in two weeks to 4.7604%, with futures wagering on a 56% chance of another rate hike from the Federal Reserve in October, and a move by year-end considered a done deal.