Asian equity markets rose on growing AI demand. While supporting gains in semiconductor stocks, declines in crude oil and movements in the yen also influenced the market's direction.
Asian equity markets rose on Monday as a surge in demand for AI data supported the market, with semiconductor stocks leading gains. Meanwhile, crude oil prices fell following reports on the situation in the Middle East.
Japanese markets were reported closed for a Silver Week holiday, leaving local trading thin, while the yen weakened to around ¥156.67 against the dollar. However, market participants remained alert to the possibility of intervention by the Bank of Japan.
The MSCI Asia Pacific Index excluding Japan rose 0.8%, while China's CSI 300 rose 0.6%. Gains were particularly pronounced across East Asian markets, led by South Korean technology stocks.
In commodity markets, Brent crude fell 2.1%, while WTI crude also declined 2.1%. Concerns over Saudi Arabia's export trends and supply risks pushed prices lower.
As U.S. equity futures and European stock futures also edged higher, the impact of global interest-rate trends was being watched as a factor that could prompt a market correction.