Asian stock markets mostly rose on Monday, September 21, driven by demand for shares in microchip manufacturers. Trading in Japan was limited due to the Silver Week holiday period, while oil prices edged lower but remained above $100 per barrel. This was reported by Channel NewsAsia, citing Reuters.
Technology stocks supported markets
Japan’s Nikkei index was not trading due to the holidays, while its futures rose 0.5%. South Korea’s technology-focused index gained 1.1%, and the broad MSCI Asia-Pacific index excluding Japan increased by 0.3%.
S&P 500 futures rose 0.3%, while Nasdaq futures gained 0.4%. In Europe, EUROSTOXX 50 and DAX futures added 0.2% each, while FTSE futures were nearly unchanged.
The US dollar held at 157 yen. According to the Nikkei newspaper, Japanese authorities conducted currency rate checks on Friday, after which the yen strengthened.
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Bonds, rates and oil
The bond market remained tense after a sell-off: the yield on two-year US Treasury bonds rose by 36 basis points over the past two weeks, to 4.7604%, its highest level since mid-2024.
After hawkish signals from the Federal Reserve last week, the futures market put the probability of another rate hike in October at 56%. BofA analysts expect two more rate hikes, in October and December, and noted that nominal consumer spending in the United States rose 6.3% year-on-year.
Oil prices declined amid hopes that Saudi Arabia would be able to increase supplies, despite reports of a Houthi attack on Riyadh and new reciprocal threats by Iran and the United States. Brent lost 0.2%, falling to $103.68 per barrel, while US crude fell 0.3% to $100.02.
There were also reports that Saudi Arabia is seeking to quickly restore part of the flow through the main east-west pipeline damaged during last week’s attacks. Vivek Dhar, CBA’s head of commodities, said that in his assessment, global stocks of oil and petroleum products could be depleted within five to 10 weeks.
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