Asia Stocks Rise as Tech Gains Offset Oil Easing

Asia's share markets edged higher on Monday as demand for data fueled growth in tech stocks. The Nikkei index rose 0.5% despite thin trade due to Japan's Silver Week holiday, while South Korea's tech-heavy index gained 1.1%. Oil prices held above $100 a barrel, but eased slightly after Saudi Arabia was reported aiming to quickly restart some east-to-west pipeline flows.

The Federal Reserve's hawkish guidance last week has futures wagering on a 56% chance of another rate hike in October and a move by year-end considered a done deal. Analysts at BofA noted that tightening cycles are generally front-loaded, and the Fed almost never stops after one hike. With nominal consumer spending up 6.3% on the year, they expect two more hikes: in October and December.

Central banks in the EU, UK, Japan, Australia, and New Zealand are also expected to tighten again by year-end. The Swiss National Bank, Sweden's Riksbank, and Norges Bank hold policy meetings this week, but all are seen holding steady for now.