China: The country releases its official manufacturing purchasing managers’ index, a gauge of economic activity in the sector. The PMI slipped to 47.4 in April, indicating the fastest contraction since the beginning of the Covid-19 pandemic, as the economy struggled under intense lockdowns to eliminate the virus. China’s premier Li Keqiang issued a stark warning on the country’s economic prospects last week, saying it could struggle to record positive growth in the current quarter. But Li’s warning was overshadowed by President Xi Jinping’s zero-Covid message and Chinese industrial groups posted their worst monthly decline in profits in two years on Friday.
India: Economists expect that Tuesday’s gross domestic product report will show that India’s growth slowed in the fourth quarter.
Japan: April unemployment rate, retail spending figures and flash industrial production data are set to be released today.
Markets: European and Asian equities rose on Monday, while US markets were closed for a holiday. The gains were driven by signs that strict lockdowns in China might be easing slightly, buoying consumer stocks and pushing oil prices back above $120 a barrel.