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Markets:

Asia Equity up post best week in Wall Street since Nov20, US/EU Futures slightly up today, dollar down against most FX.

China Stimulus:

Shanghai unveiled a 50-step aid package that includes tax rebates and allowing manufacturers to resume operations in June. The city will also speed approval of property projects, raise the car ownership quota and ease testing mandates for public places.

Russia-Ukraine:

EU ambassadors are scheduled to meet again today ahead of a leaders' summit to discuss a revised package of Russian sanctions. This after the bloc failed to reach a compromise yesterday in the face of Hungarian resistance.

Commodities:

Oil nudged higher at the week's open, as did gasoline. Gold declined in Asia as signs risk appetite is returning damped its haven appeal. Base metals were mostly up in London

UK Politics:

UK cabinet minister Brandon Lewis said he's "absolutely confident" no government officials tried to have Sue Gray's report watered down; 'Partygate' continues to haunt Johnson.

Week Ahead:

FED balance sheet unwind begins Wed; US Jobs Data on Friday, Euro area CPI, China PMIs, Bank of Canada Policy Meeting, OPEC+ meeting on Thursday, UN Global Food Price Inflation, Earnings include Salesforce, Weibo, HP, GameStop. UK Holidays on Thurs/Fri. US consumer confidence, the JOLTS report and ISM manufacturing and services gauges also up this week.

Day Ahead:

US Holiday today, Spain/Germany CPI, Euro Area May Consumer Confidence, ECB's Nagel speaks, Italy April PPI

Key Chart of the Day : China Bottoms Out?

China stocks look set for another upbeat day following positive news over the weekend out of Beijing and Shanghai, as the country moves to ease Covid curbs and further unleash fiscal measure to support the economy.

Supporting the positive development on the fundamental side is a bullish technical indicator. A higher number of index members showing gains may be another sign that the broader market is bottoming out, which should underpin the CSI 300’s advance of late. Let’s see if the tailwind from Friday’s strong risk-on rally in the US continue to support Asian markets.