Australia, Japan and India PMI data

Singapore's core inflation rate It fell to its lowest level since September 2021, down from 2.7% in March.

That was lower than the 3.4% rate in February and below the 3% expected by economists polled by Reuters.

The city-state's core inflation rate – also known as the “MAS core inflation measure” – which strips out the prices of accommodation and private transport, fell to 3.1% from 3.6% in February.

– Lim Hui Jee

Shares of Chinese bubble tea chain Chabaidao, officially listed as Sichuan Baicha Baidao Industrial, fell more than 30%, down 10% in early trade on its trading debut in Hong Kong.

It is currently trading at HK$12.32, well below its IPO offer price of HK$17.50.

The IPO is Hong Kong's largest listing so far this year. The company reported net proceeds of 2.59 billion Hong Kong dollars ($330.5 million) from its IPO, before listing expenses.

Presented by Sabatau 90% of its 147.7 million shares in the global offering, with the remaining 10% in a public offering in Hong Kong.

However, the public offer was subscribed only 0.5 times, leading the company to reallocate the remaining shares to the global offer, which was subscribed 1.11 times.

– Lim Hui Jee

Business activity in Japan au Jibun Bank expanded at its fastest pace in eight months in April, according to flash figures.

The country's composite purchasing managers' index rose to 52.6 from 51.7 in March, its composite-highest level since August.

Japan's manufacturing PMI came in at 49.9, marking a gentle decline from 48.2 in March, while the services PMI came in at 54.6, down from 54.1 in March.

– Lim Hui Jee

The Japanese yen weakened to a 34-year low against the US dollar early Tuesday, hitting 154.85 against the greenback.

It was slightly stronger at 154.74 as of 9:18 a.m. Tokyo time, its weakest since the mid-1990s.

The currency will be monitored by the Bank of Japan when it meets on Friday, although the central bank has not announced an intervention stance.

Business activity in Australia April expanded at its fastest clip in 24 months, according to flash figures from S&P Global.

The country's Composite Purchasing Managers' Index stood at 53.6, down from 53.3 in March.

The manufacturing PMI rose to 49.9 from 47.3, just shy of the 50 mark that separates expansion from contraction, while the services PMI slipped slightly to 54.2 from 54.4.

– Lim Hui Jee

Elevated geopolitical tensions have fueled volatility in crude oil prices, but one strategist is keenly eyeing opportunities in the energy sector.

It was a laggard last year, but things have turned around with many stocks now trading at all-time highs.

Stephen Ellis, energy and utilities strategist at Morningstar, said oil market volatility presents challenges and urged investors to be patient, which “usually pays into energy.”

However, he said there are currently “picky bargains” in the market and revealed five stocks in the energy space that he currently prefers.

CNBC Pro subscribers can read more here.

– Amala Balakrishna

Crude oil futures fell on Monday after Iran said it would not escalate the conflict with Israel.

West Texas Intermediate for May delivery was down 29 cents at $82.85 a barrel, while June Brent futures were down 29 cents at $87 a barrel. US crude oil and Brent fell 3% last week. Both benchmarks are up 16% and 13% this year, respectively.

Iran's Foreign Minister Hossein Amiraptullahian told NBC News The country did not plan to retaliate against Israel's retaliatory strike, which was launched on Friday.

– Spencer Kimball

Investors should scale back their exposure to U.S. bonds as Fed rate cuts appear increasingly pushed into the future, according to Ned Davis Research.

Joseph Kalish, the fund's chief global macro strategist, said in a note to clients that NDR is reducing its exposure to US bonds in its global fixed income allocation model from overweight to market weight.

“A flight to defensive trading last week temporarily helped U.S. bonds outperform. But fundamentals and technicals continue to work against U.S. debt relative to other economies. The U.S. economy is solid, inflation is sticky, and the Fed is pulling back when it cuts rates,” the note said. .

Investors should replace that exposure with incremental additions to European and Japanese bonds, according to Nate Davis Research.

– Jesse Pound

Gold futures were lower on Monday and on pace for their first loss in three sessions.

Bullion fell to $2,344.70 an ounce on Monday, its lowest level since April 15. VanEck Gold Miners ETF (GTX) is on track for its worst day since February 13..

– Brian Evans, Nick Wells