Asian stock markets generally rose on Monday, with the Hang Seng Index in Hong Kong once gaining 140 points during intraday trading; oil prices pulled back, with Brent crude falling 2.1% to $101.63.

Asian equities mostly rose on Monday, with chipmakers boosted by AI data demand, while better-than-expected crude oil supply from the Middle East eased market concerns about oil prices. Hong Kong's Hang Seng Index reversed earlier losses in morning trade, rising by as much as 140 points. Mainland Chinese stocks also generally rose, with the Shanghai Composite Index opening up 0.21%, the Shenzhen Component Index up 0.55%, and the ChiNext Index up 0.93%. South Korea's KOSPI Index opened 0.64% higher.

Meanwhile, oil prices retreated, with Brent crude falling 2.1% to $101.63 per barrel and US crude dropping 2.1% to $98.15. The bond market remained tense, as the US two-year government bond yield surged 36 basis points over the past two weeks to 4.7604%, a new high since mid-2024. The Federal Reserve's hawkish guidance last week led markets to price in a 56% probability of a rate hike in October, with another hike before year-end seen as a certainty. Bank of America analysts expect the Federal Reserve to hike rates twice more in October and December.