Tech Rally Lifts Asian Markets Despite Oil and Yield Pressures

Asian stock markets showed mostly positive gains on Tuesday, building on the previous night's gains in the U.S. where major tech stocks led the charge. Despite pressures from rising oil prices and higher bond yields, the tech rally provided enough momentum to keep markets in the green. U.S. equity futures suggested a steady start for the Dow, S&P 500, and Nasdaq 100.

In commodities, WTI crude oil held steady near $89 per barrel, while spot gold hovered just below $4,150 an ounce. Notable among regional markets, South Korea's KOSPI fell 1.30% to around 6,970, reversing earlier gains. Data revealed a contraction in South Korea's foreign exchange reserves, which dropped to $440.6 billion in September 2026 from $442.3 billion in August.

Japan's Nikkei 225 rose 0.74%, reaching three-month highs above 70,200, while the Japanese yen remained stable around 157.9 per dollar. Toyota Motor Corp. reported strong early demand for its new Land Cruiser FJ in Japan and Southeast Asia, a key model in its strategy to compete with Chinese automakers. Meanwhile, mainland Chinese markets were closed for the Golden Week holiday and will reopen on Thursday.

Hong Kong's HSI gained 0.66% to 24,240, though the S&P Global Hong Kong SAR PMI fell to 49.2 in September 2026, marking two consecutive months of contraction. India's SENSEX rose 0.40% to 72,606, while the Indian rupee weakened to around 96.4 per dollar. Australia's AU200AUD shares climbed 0.54% to 8,725, extending a three-day winning streak, as the Australian dollar held near $0.70. However, Australia's Westpac, Melbourne Institute Consumer Sentiment Index dropped 4.7% month-over-month to a six-month low of 80.4 in October.