The Asian stock markets traded broadly higher on Tuesday, extending gains from the previous session amid a steady brent crude level and increased oil exports from West Asia.
Japan's Nikkei 225 was up 0.42% to 70,207.65, while the South Korean Kospi was up 0.20% to 7,017.82 as of 9:43 a.m. JST and 9:38 a.m. KST,respectively. Further, the Australian Securities Exchange S&P/ASX 200 rose 0.51% to 8,729.50. Overall, MSCI's Asia Pacific Index edged up 0.1%.
On Monday, the Nikkei index had registered a sharp jump after the United States posted a weaker-than-expected jobs data, easing bets on an October Federal Reserve rate hike.
Additionally, crude oil prices traded little changed as exports from West Asia saw a rise. Global benchmark Brent Crude traded little changed at $100.35 per barrel, while West Texas Intermediate cooled off a bit to trade 0.20% lower at $89.25 per barrel.
Separately, the group of seven nation, along with the European Union, agreed to release 100 million barrels of diesel stocks in order to tackle soaring commodity prices triggered by the Hormuz energy shock.
G7's move follows consistent pressure by the Trump administration to release diesel barrels as an alternate to Washington imposing an export ban. The G7 leaders on Friday said the release will begin immediately and continue over four months with "a frontloaded substantial diesel release within the first 20 days" coordinated through the International Energy Agency.
They added in a joint statement that the nations — France, Canada, Germany, Italy, Japan, the United Kingdom and the United States — will convene again in the context of the IEA in the coming days to discuss the possibility of additional diesel releases if necessary.
Wall Street Cheers Tech Gains
The main US stock market indices opened on a mixed note on Monday, with the Dow Jones Industrial Average falling 0.17%, or 90.10 points, while the S&P 500 gained 0.17%, or 13.01 points. The tech-heavy Nasdaq 100 outperformed, rising 0.39%, or 105.28 points.
However, the indices ended with gains as investors shifted their focus from higher interest rates, elevated energy costs and renewed inflation concerns to the upcoming earnings season, resilient consumer spending, and surging artificial intelligence-related investment.
Dow Jones Industrial Average erased losses to settle 0.18% higher at 51,267.90, S&P 500 closed 0.66% higher at 7,773.95, while Nasdaq Composite was up over 1% and closed at 27,477.31.
The rise came despite climbing treasury yields in the backdrop of volatile global cues. On Monday, the the 10-, and 30-year yields rose at least 7 basis points to 5.34% and 5.7%, respectively, clocking the highest levels since 2002 in the New York session. Shorter-dated Treasuries climbed some 2 to 4 basis points.
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