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29.09.2025 08:09 AM
Most Asian stock exchanges moved higher on Monday, while the US dollar weakened. Investors are closely watching developments in Washington, where a potential government shutdown could delay the release of September's employment report and other key economic data.
President Donald Trump is set to meet congressional leaders from both parties on Monday in a bid to secure continued government funding. Without an agreement, a partial shutdown may begin midweek, coinciding with the introduction of new US tariffs on heavy trucks, pharmaceuticals, and other products.
Analysts highlight that the fourth quarter is historically favorable for equities. The S&P 500 has posted gains in nearly three out of every four fourth quarters. Early trading showed S&P 500 futures up 0.2% and Nasdaq futures rising 0.3% after last week's mild decline. In Europe, futures on the EUROSTOXX 50, FTSE, and DAX each advanced by about 0.3%.
Japan's Nikkei stood out as a laggard, shedding 0.8%. Still, the index remains roughly 5% higher for September. Investors are awaiting the results of the ruling Liberal Democratic Party leadership vote, which will determine the next prime minister and set the course for fiscal and monetary policy.
In contrast, South Korea's KOSPI jumped 1.3%, bringing its monthly gain to 7.6%. The broad MSCI Asia-Pacific index excluding Japan rose 0.4%, closing the month nearly 4% higher.
China's blue-chip CSI300 index gained 0.7% on Monday as investors positioned themselves ahead of Golden Week holidays, which begin on Wednesday.
The Reserve Bank of Australia is scheduled to meet on Tuesday. Economists widely expect the cash rate to remain at 3.65%, following three cuts earlier this year.
The US dollar index slipped 0.2% to 97.952 after being buoyed last week by upbeat economic data. The euro edged higher to 1.1726 dollars, staying in the lower half of its recent range between 1.1646 and 1.1918.
Against the yen, the dollar weakened 0.4% to 148.92, reversing part of last week's 1% rise from a September low near 145.50.
On commodities markets, gold extended its rally, hitting a fresh all-time high of 3,798 dollars per ounce.
Crude prices declined after oil flows resumed through a pipeline from Iraq's semi-autonomous Kurdistan region to Turkey for the first time in two and a half years.
Traders are also awaiting Sunday's OPEC+ meeting, where the group is expected to approve an additional production hike of at least 137,000 barrels per day. Brent futures dropped 0.8% to 69.73 dollars a barrel, while US WTI crude slipped 0.7% to 65.27 dollars.
Following the steepest weekly loss in nearly seven months, Indian equities opened higher on Monday, with energy and oil and gas shares leading the gains.
By 10:02 a.m. IST, the Nifty 50 index was up 0.43% at 24,761.5 points, while the BSE Sensex climbed 0.39% to 80,745.23 points.
Both benchmarks had slumped 2.7% last week, logging six straight sessions of declines. Investor sentiment was hurt by higher fees for US H-1B visas and increased tariffs on branded pharmaceuticals, prompting foreign capital outflows.
The energy sector rose 1.2%, while oil and gas stocks advanced 1.5%. Gains were fueled by BPCL and HPCL shares after brokerage reports highlighted stable fuel prices and positive expectations for market capitalization growth.
Oil India shares jumped 2.2% after the company announced the discovery of natural gas in a shallow-water exploration block off the Andaman coast.
Stocks of smaller and mid-sized companies also participated in the rebound, each rising about 0.7%.
