China's bond market would appear to back up that assertion. The 10-year yield on Monday fell below 2% for the first time, while the 30-year yield is now below its Japanese equivalent for the first time in at least 20 years.
Still, investors will draw comfort from the S&P 500 and Nasdaq's rise to fresh peaks on Monday, and U.S. Federal Reserve Governor Christopher Waller saying he is leaning toward a rate cut later this month.
Remarkably, after Monday's spike the S&P 500 has registered more than 50 record highs this year. But will that be enough to lift Asian markets on Tuesday?
Asia's calendar on Tuesday is light, with South Korean inflation the only major economic indicator on tap. It is one of several CPI releases this week following Indonesia's on Monday and ahead of the latest snapshots from the Philippines, Taiwan and Thailand later in the week.
Economists polled by Reuters expect South Korea's annual rate of headline inflation in November to accelerate to 1.7% from a three and a half year low of 1.30% in October. That would mark the biggest jump since August last year.
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