Asian tech stocks rally, oil slips on OPEC+ supply signal

Asian shares pushed higher Monday and US equity-index futures held onto Friday's gains, with technology stocks extending their rebound. Oil edged lower after OPEC+ members backed another modest increase in collective quotas for next month.

MSCI's Asia Pacific Index climbed 0.5%, with more than two shares rising for every one that declined. The Kospi Index advanced 2.2% ahead of this week's $29 billion US listing for SK Hynix Inc. Futures for the S&P 500 rose 0.5%, while Nasdaq 100 futures climbed 1.4%.

Oil slipped as energy flows through the Strait of Hormuz persisted. Brent crude fell 0.3% to $71.88 a barrel. Shipping through the US-protected corridor in the waterway showed signs of recovering, and OPEC+ signaled higher supplies.

Markets entered the second half of the year on a cautious footing. Investors are weighing the fallout from the Iran war's energy shock and whether the AI-driven rally can be sustained. After last week's recovery from a two-day rout in chipmakers, attention has shifted to earnings season for signs that massive spending on AI infrastructure is translating into profits.

"Tech stocks and tech-heavy indices in the US and Asia have entered a period of consolidation ahead of the Q2 earnings season," said Tony Sycamore, an analyst at IG Markets in Sydney.

Gold gave up its initial gains to trade around $4,175 an ounce. Silver rose 0.4% to about $62.66 an ounce.

Goldman Sachs Group Inc. revised its yen forecast to 165 per dollar in a year's time from 155 previously. The Japanese currency traded at 161.45 to the greenback in early Asian trading, while the dollar was steady.

"The broader macro backdrop of higher-for-longer US yields, low recession risk, lingering fiscal concerns, and only gradual BOJ hikes strongly argues for continued depreciation pressure on the currency," strategists including Kamakshya Trivedi wrote in a note.

The won is also in focus. The Korean currency was steady after rebounding late Friday from its weakest level against the dollar since 2009. A person familiar with the matter said the nation's officials were preparing for currency flows related to SK Hynix's offering of American depositary receipts. The move to 24-hour trading for the won is the centerpiece of Seoul's years-long push to improve foreign investors' access to local markets and bolster the case for an upgrade to MSCI Inc.'s developed-market index.

Treasuries were steady as cash trading resumed following Friday's holiday. The US bond market faces a test of investor demand for longer-dated maturities this week. Auctions of 10- and 30-year Treasuries highlight an otherwise light week for economic events. The auctions come as minutes from the Fed's June meeting will be closely parsed after Chair Kevin Warsh tempered his hawkish inflation stance last week. Traders trimmed expectations that a hike was imminent following softer-than-expected jobs data and Warsh's comment that inflation pressures had eased.