OPEC+ ministerial-level officials issued a statement stressing that protecting international sea lanes is essential to ensuring uninterrupted energy flows.

The South Korean won rallied on Monday to a two-year high, supported by weaker oil prices and heavy dollar selling by domestic corporates. The won rose as much as 0.8% to 1,333.30 per dollar after markets reopened following a three-day holiday, before trimming gains to 0.5%; most Asian currencies also strengthened. Market participants say exporters—particularly semiconductor firms—are continuing to sell dollars, which should keep providing support, though liquidity was light. The won has gained 7.7% YTD, moving from Asia's weakest performer in 1H to one of H2's best performers on the back of strong exports and corporate dollar sales.

JEFFERIES global economist Mohit Kumar says a 5% 5-year US Treasury yield is a compelling buy for long-term investors. He cautioned most investors are focused on end-November or end-December performance review dates rather than long horizons, which, together with elevated oil prices and fiscal deficit concerns that keep yields high, reduces year-end buying and leaves insufficient bid to absorb supply.