- Ahead of important inflation statistics and a meeting between Joe Biden and Xi Jinping later this week, Asian shares gave up early gains while declining US futures partially unwound a Friday rise.
- The trading ranges of the equity benchmarks in China, South Korea, and Japan were quite small. A stock gauge covering the entire region was unchanged following a 0.5% increase in value earlier in the day. Futures for the S&P 500 index dropped 0.4%, somewhat retreating from Friday's 1.6% rise, while those for the Euro Stoxx 50 showed minimal movement. For a holiday, the markets are closed in Malaysia and Singapore.
- A new low for the yen vs the dollar in 2023 was reached, sparking fears that government intervention will be needed to keep the currency strong. Due to worries about demand, oil continued its three-week downward trend.
- Following a sell-off on Friday that affected the short end of the curve, Treasury bonds remained stable. The 10-year yield was slightly less than 4.7%. Government bonds in Australia and New Zealand declined somewhat.
- All eyes will be on Tuesday's US consumer price data, which is predicted to reveal that inflation eased to 3.3% year over year in October from 3.7% in the previous month.
- Ahead of Biden and Xi's meeting on Wednesday, there are other indications that US-China relations are warming up. Beijing is reportedly considering lifting the ban on Boeing aircraft.
