Nikkei tops 70,000 as Asian stocks rise; oil slips after early jump
Asian shares rose Monday as softer U.S. jobs data cooled bets on another Fed rate hike, and Japan's Nikkei topped 70,000 for the first time since July. Brent crude briefly rose above $103 after the Houthis said they struck Saudi Aramco sites, then slipped to about $101.60 as supply worries eased.
AI-assisted · US Brief desk · Sources listed below
What happened
Japan's Nikkei 225 rose 2.5% to 70,037.61 by the midday break, its first time above 70,000 since early July, Kyodo News reported. Chip stocks led, with Tokyo Electron up 5.7%. The broader Topix gained 1.2%, and MSCI's Asia-Pacific index rose 0.4% early, Bloomberg said. Trading was thin, with markets in China and South Korea closed for holidays, Reuters reported.
Why it matters
Oil above $100 keeps pressure on fuel prices and inflation, even as the job market cools. The 10-year Treasury yield hit its highest level since 2002 last week.
What’s next
The Treasury auctions 10- and 30-year bonds this week, and the Fed releases minutes of its September meeting on Wednesday. Traders will also watch for any confirmed damage to Saudi oil sites.
More context
Asian stocks rose at the start of the week as softer U.S. jobs data eased pressure on the Federal Reserve to keep raising rates. Oil jumped early on fighting in Yemen, then gave back its gains.
Fed bets: The U.S. added just 29,000 jobs in September, and unemployment rose to 4.2%. Money markets now price less than a 25% chance of an October Fed hike, Bloomberg said. AMP chief economist Shane Oliver called it "Goldilocks jobs data" that suggests the Fed "won't rush" into another hike.
Oil: Brent crude rose to $103.06 a barrel late Sunday after the Houthis said they fired missiles and drones at Saudi Aramco sites in Riyadh and Khurais, Reuters reported. Prices later reversed. Brent fell 70 cents to $101.60, and U.S. crude dropped 90 cents to $90.15. Rising Middle East exports and a planned release of 100 million barrels from G7 emergency reserves added to supply. Aramco also cut its November prices for Asian buyers to six-year lows.
The Aramco claims: Saudi Arabia has not confirmed the attacks or any damage. A Saudi-led coalition spokesman called an earlier Houthi claim about Riyadh "misleading," Al Jazeera reported. Yemen's Saudi-backed government launched an offensive Sunday to retake Houthi-held land.
10 listed sources
- Bloomberg via The Business Times, Oct 5, 2026: Japan stocks gain, Asian shares rise as Fed hike bets ease, oil gains
- Reuters, Oct 5, 2026: Stocks upbeat, dollar wobbles as Fed hike bets recede
- Kyodo News, Oct 5, 2026: Nikkei stock index retakes 70,000 for 1st time since early July
- The Times of India (Reuters), Oct 5, 2026: Japan's Nikkei jumps 2.5% above 70,000 to three-month high as AI stocks rally
- Reuters via Business Standard, Oct 5, 2026: Oil prices climb after Yemen's Houthi rebels attack Saudi Aramco sites
- CNBC (Reuters), Oct 5, 2026: Oil slips as Middle East crude exports rise, G7 to release stocks
- The Economic Times (ANI), Oct 5, 2026: Oil price today: crude oil dips to $101
- Al Jazeera, Oct 4, 2026: Houthis claim strike on Aramco site as Yemen fighting intensifies
- CNBC, Oct 4, 2026: Yemen launches offensive to seize all areas from Iran-backed Houthis
- Related US Brief: fin-stocks-friday-jobs-oil; fin-september-jobs-report; fin-opec-november-targets; world-yemen-alimi-offensive.
References listed by US Brief; a source count is not a verification score.
Editorial sourcing notes
Intraday figures, likely to change. Stocks: Nikkei +2.53% to 70,037.61 and Topix +1.16% to 4,138.57 at the Tokyo midday break (about 7:30 p.m. PT Sunday), per Kyodo and Reuters-based reports; MSCI Asia-Pacific +0.4% early (Bloomberg). Oil: Brent $103.06 at 2202 GMT Sunday (Reuters), then $101.60 (−70 cents) and WTI $90.15 (−90 cents) later Monday in Asia (Reuters via ANI). Attack claims are the Houthis' own; Saudi Arabia had not confirmed the attacks or any damage. Re-checked ~10:05 p.m. PT Oct 4.
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