Asia-Pacific markets opened mixed on Thursday. Japan's Nikkei 225 rose 0.86%, while the Topix declined 0.44%. South Korea's benchmark Kospi was down 0.8%, while the small-cap Kosdaq Index started the trading day flat. Chinese markets were closed for the holiday. South Korea's exports jumped 83.5% in September from a year earlier to post a record monthly high, customs data showed on Thursday. Semiconductor shipments, fuelled by global spending on artificial intelligence, also set a record.
Data released by the customs office showed outbound shipments outstripped market expectations of a 62.0% increase, marking the country's 16th consecutive month of export growth.Average exports per working day jumped by 104.9% compared to the previous year. The surging growth was anchored by a historic peak in semiconductor shipments, which continue to serve as the backbone of the global AI infrastructure build-out. Imports climbed 26.0% year-on-year, outpacing the 21.5% forecast. This resulted in a provisional trade surplus of $49.85 billion, up from $34.79 billion in August.
Treasury yields crept higher even as the personal consumption expenditures price index reading for August came in lighter than anticipated. The metric rose 3.4% over the prior 12 months, coming in cooler than the Dow Jones consensus call for 3.7%. The 10-year Treasury yield breached 5.3% at one point on Wednesday, trading near 2007 highs. The 30-year yield surpassed 5.6%, reaching its highest level since 2002.
Oil prices held on to their recent gains on October 1, Thursday as traders assessed whether crude flows from the Middle East can sustain a recovery towards pre-war levels, even as fuel markets remain tight. Brent for December delivery traded near $98 a barrel, after rising 1.9% in the previous session. West Texas Intermediate hovered around $90. This comes as crude flows from the Middle East are nearing pre-war levels, but the recovery in fuel supplies has been weaker.
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