Monday's calendar is loaded with major economic indicators, chief among them being China's official and unofficial purchasing managers index data. Also on deck are retail sales, industrial production and housing starts figures from Japan, GDP from Taiwan, and South Korean retail sales and industrial production.
China's markets could get a reminder of cold economic reality, with the National Bureau of Statistics PMIs expected to show that factory activity contracted for the fifth consecutive month in September.
Figures on Friday showed that industrial profits slumped 17.8% in August, the biggest decline this year. Citi's Chinese economic surprises index is hovering around its lowest level in over a year, in contrast to the U.S. surprises index, which is also in negative territory but still the highest in over a year.
It will take time for Beijing's stimulus to filter through to hard activity data, so investors may have to continue putting up with some sobering numbers in the coming weeks and months.
But the wave of optimism washing over markets is undeniable. Shanghai's blue chip equity index rose nearly 16% last week and the broader Shanghai composite jumped nearly 13%, both the biggest weekly gains since November 2008.
Hong Kong's benchmark Hang Seng index delivered its biggest weekly rise since 1998, and fifth largest in the last half century. Mainland Chinese property stocks, meanwhile, leapt 16%.
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