In the U.S., Q1 GDP is expected to show a sharp slowdown or contraction, alongside key releases for jobs, PCE inflation, and ISM Manufacturing PMI. Europe will release flash GDP and inflation data, while the Bank of Japan is expected to keep rates steady. China will publish April PMI figures, and Australia will release inflation data.

Over the weekend, Trump hinted at more sanctions against Russia after meeting with Zelensky and noted China’s tariff exemptions on some U.S. goods, raising hopes for progress in trade talks. U.S. Agriculture Secretary Rollins confirmed ongoing discussions with China and nearing deals with other countries.

In bonds, U.S. 10-year yields fell to around 4.24% and 2-year yields to 3.75%. Japanese 10-year yields edged down to 1.31%.

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