{"id":7060,"date":"2026-10-02T07:00:00","date_gmt":"2026-10-02T07:00:00","guid":{"rendered":"https:\/\/lqhmarkets.com\/news-and-trade-ideas\/uncategorized\/asx-mixed-apac-trade-oil-surge-us-jobs-report-02-oct-26\/"},"modified":"2026-10-24T00:06:30","modified_gmt":"2026-10-24T00:06:30","slug":"asx-mixed-apac-trade-oil-surge-us-jobs-report-02-oct-26","status":"publish","type":"post","link":"https:\/\/lqhmarkets.com\/news-and-trade-ideas\/asx-mixed-apac-trade-oil-surge-us-jobs-report-02-oct-26\/","title":{"rendered":"ASX Rallies Amid Mixed APAC Trade, Oil Surges on Middle East Tensions"},"content":{"rendered":"
Written by Julian Sonego<\/a> | Reviewed by LQH Markets Editorial Team<\/a><\/div>\n

Market Overview<\/h2>\n

APAC markets presented a mixed picture on Friday. Australia’s S&P\/ASX 200 rallied, buoyed by positive sentiment from Wall Street and led by technology and energy sectors. However, broader Asian indices, including Hong Kong’s Hang Seng and Japan’s Nikkei, traded lower. This divergence unfolded amid fluctuating US Treasury yields, which eased after recent surges but remained elevated, and a significant overnight surge in oil prices driven by intensifying geopolitical tensions in the Middle East. Meanwhile, industrial metals like copper faced pressure from high energy costs and concerns over China’s industrial sector. Market participants are now keenly awaiting the upcoming US September jobs report for further clarity on the Federal Reserve’s interest-rate trajectory.<\/p>\n

Markets<\/h2>\n

The Australian S&P\/ASX 200 (^AXJO) closed higher, ending the day at 8,682.10, up 0.79%. This marked a rebound from the previous session’s 2 per cent loss. Global X senior ETF strategist Marc Jocum commented on the rally, stating, “The market has caught a gust of wind, but it\u2019s too early to say the sails have changed direction. It may get worse before it gets better.”<\/p>\n

Across broader Asia, markets were mostly lower. Japan\u2019s Nikkei 225 (^N225) ended the session down 0.94% at 68,309.46. South Korea’s KOSPI (^KS11) edged up 0.46% to 7,003.74, swinging between gains and losses. Hong Kong’s Hang Seng Index (^HSI) experienced a significant drop, trading at an 11-week low of 23,922.45, down 2.81%, as investors returned from a holiday to higher global bond yields and renewed oil supply concerns. The Hang Seng TECH Index (HSTECH) also faced pressure, trading 2.52% lower. Singapore’s Straits Times Index (STI) dipped 0.62%, reflecting cautious sentiment. Mainland Chinese markets remained shut for the National Day Golden Week holiday and are due to reopen on October 8. India’s markets were also closed on Friday for Mahatma Gandhi Jayanti.<\/p>\n

In the bond market, US Treasury yields saw a pullback in the latest session, yet remained near multi-decade highs. The yield on the US 10-year Treasury (^TNX) closed at 5.237%, down 5.60 basis points. The US 30-year Treasury yield (^TYX) also eased, closing at 5.603%, down 3.50 basis points.<\/p>\n

Oil prices, specifically Brent and WTI crude, surged significantly overnight due to Middle East tensions, though they showed slight daily retreats in the latest market data. Brent Crude (BZ=F) was trading at 101.44, down 0.85%, while WTI Crude (CL=F) was at 91.67, down 1.29%. Copper prices, however, were headed for their largest weekly loss since May.<\/p>\n

What Drove Markets<\/h2>\n

Bond Market Volatility and Fed Expectations:<\/strong> US Treasury yields, including the benchmark 10-year and 30-year bonds, eased in the latest session after having surged to multi-year and multi-decade highs respectively in prior sessions. The yield on the US 10-year bond had dipped 4 basis points to 5.24 per cent at 4.59pm in New York (6.59am AEST), reflecting, in part, somewhat weaker US manufacturing data. This tempered some bets that the Federal Reserve would need to lift rates over the next few months. However, yields remained elevated, and market participants are closely watching the September US nonfarm payrolls report for further clues on the Fed’s monetary policy path. Fed funds futures suggested a 72% likelihood of the central bank standing pat in October, although a December increase remained fully priced.<\/p>\n

Geopolitical Risks and Energy Prices:<\/strong> Oil prices surged overnight, climbing back above $US102 a barrel. This move was fueled by a report from The Wall Street Journal indicating that the US is sending a third aircraft carrier strike group to the Middle East, prompting investors to weigh a potential return to active conflict between the US and Iran. In response, Barclays\u2019 research team raised its Q4 2026 Brent forecast to $US115 a barrel, bringing its full-year forecast to $US100.<\/p>\n

Commodity Headwinds:<\/strong> Despite the rise in oil, copper futures on the London Metal Exchange were set to finish the week about 2 per cent lower at $US14,300 a tonne, marking its biggest weekly loss since May. High energy costs and China\u2019s stuttering industrial sector were cited as key factors weighing on the metal. Analysts from Bank of America wrote that the upside for base metals may be limited as long as the Middle East war lingers, although they acknowledged that falling aluminium, copper, and nickel supply should give support to prices.<\/p>\n

Mixed Asian Performance:<\/strong> The Australian sharemarket (S&P\/ASX 200) rose on Friday, led by its technology and energy sectors, following positive sentiment from Wall Street. Conversely, broader Asian indices like Japan’s Nikkei 225 and South Korea’s Kospi saw declines or modest gains, while Hong Kong’s Hang Seng Index was the biggest loser, dropping significantly to an 11-week low as investors returned from a holiday to higher global bond yields and renewed oil supply concerns. Technology stocks in Hong Kong also faced pressure.<\/p>\n

Bank of Japan Considerations:<\/strong> Data showed that Tokyo\u2019s core consumer price index rose 2.7% year-on-year in September, accelerating from 1.8% in August and exceeding the 2.4% market forecast. Following this, a summary of the Bank of Japan\u2019s September meeting revealed that some policymakers saw a need to accelerate interest-rate hikes as inflation risks mounted. The BOJ has hiked its policy rate to 1.25%, with investors now weighing the possibility of another increase at its October or December meetings.<\/p>\n

Stocks to Watch<\/h2>\n

On the Australian Securities Exchange (ASX), Megaport (MEG) leapt 10.3% to $22.34 following a “buy” initiation from broker Bell Potter and strong earnings forecast earlier in the week. Praemium (PPS) rose 9.1% to $0.60 following the departure of chief executive Anthony Wamsteker. Conversely, Lendlease (LLC) declined 2.9% to $2.64 following an update on the sale of its stake in the Milano Santa Giulia development in Italy.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
Instrument<\/th>\nCode<\/th>\nClose<\/th>\nMove<\/th>\nWoW<\/th>\nYTD<\/th>\n<\/tr>\n<\/thead>\n
ASX 200<\/td>\n^AXJO<\/td>\n8,682.10<\/td>\n0.79%<\/td>\n0.20%<\/td>\n-0.52%<\/td>\n<\/tr>\n
Nikkei<\/td>\n^N225<\/td>\n68,309.46<\/td>\n-0.94%<\/td>\n2.93%<\/td>\n31.79%<\/td>\n<\/tr>\n
KOSPI<\/td>\n^KS11<\/td>\n7,003.74<\/td>\n0.46%<\/td>\n-1.09%<\/td>\n62.51%<\/td>\n<\/tr>\n
Hang Seng<\/td>\n^HSI<\/td>\n23,922.45<\/td>\n-2.81%<\/td>\n-3.39%<\/td>\n-9.17%<\/td>\n<\/tr>\n
10-Year Treasury<\/td>\n^TNX<\/td>\n5.237<\/td>\n-5.60 bp<\/td>\n7.50 bp<\/td>\n105.00 bp<\/td>\n<\/tr>\n
30-Year Treasury<\/td>\n^TYX<\/td>\n5.603<\/td>\n-3.50 bp<\/td>\n14.20 bp<\/td>\n73.90 bp<\/td>\n<\/tr>\n
Brent Crude<\/td>\nBZ=F<\/td>\n101.44<\/td>\n-0.85%<\/td>\n-2.76%<\/td>\n66.98%<\/td>\n<\/tr>\n
WTI Crude<\/td>\nCL=F<\/td>\n91.67<\/td>\n-1.29%<\/td>\n-0.80%<\/td>\n59.93%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

What to Watch Next<\/h2>\n

Economic Releases<\/h3>\n
    \n
  • 2026-10-02 08:30 ET US \u2014 Non-Farm Payrolls<\/li>\n
  • 2026-10-06 08:15 ET US \u2014 ADP Employment Change Weekly<\/li>\n
  • 2026-10-06 16:30 ET US \u2014 API Weekly Crude Oil Stock<\/li>\n
  • 2026-10-07 02:00 ET GB \u2014 Lloyds House Price Index<\/li>\n<\/ul>\n

    Corporate Earnings<\/h3>\n
      \n
    • 2026-10-08 08:00 ET US \u2014 Pepsico, Inc. (PEP)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      APAC markets saw mixed performance as Australia’s ASX 200 rallied, while Hong Kong and Japan declined. Oil prices surged on Middle East tensions, and investors eye the upcoming US jobs report.<\/p>\n","protected":false},"author":3,"featured_media":7171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wrap_published_at_et":"","wrap_author_name":"","wrap_author_url":"","wrap_author_linkedin":"","wrap_reviewer_name":"","wrap_reviewer_url":"","footnotes":""},"categories":[38],"tags":[40],"class_list":["post-7060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-wraps","tag-asia-close"],"acf":[],"yoast_head":"\nASX Rallies, Oil Surges, US Jobs in Focus<\/title>\n<meta name=\"description\" content=\"APAC markets were mixed: Australia's ASX 200 rallied while Hong Kong and Japan fell. 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