Stocks in most of Asia ushered in the week with solid advances in the midst of indications of progress in the trade front between the US and China, but enthusiasm was somehow subdued as investors aired their worries about the deal.
Shares opened weaker in South Korea and Australia, while stock futures made gains in Hong Kong. Japan, on the other hand, is calling for a time-out after the destruction caused by 'Typhoon Hagibis'. S&P 500 futures were up 1.9 percent on a record late Friday after Wall Street's strong ascent.
US President Donald Trump's economic advisers and their Chinese business counterparts agreed to terms of an agreement that could be finalized as early as November.
After Friday's rise, the yuan held firm and Treasury futures rallied following last week's output rise. The pound retreated elsewhere as negotiators from the European Union warned the U.K. proposals for Brexit. Prime Minister Boris Johnson is still not strong enough to form the basis for an agreement.
Focus is now switching to earnings season starting with major financial institutions Goldman Sachs Group Inc., JPMorgan Chase & Company, and Morgan Stanley. Trading could be perceived as a product of the US Columbus Day holiday as well as the closures in most of Tokyo's key establishments.
Here are some major events Wall Street stock observers are marking on their calendar:
The IMF and World Bank will host meetings to tackle economic development and finance; St. Louis central bank president James Bullard will speak at Bloomberg's Financial Policy Conference in London; Riksbank Governor Stefan Ingves will also speak in the same venue; and San Francisco central bank president Mary Daly will give a speech in Los Angeles.
Meanwhile, sales in the so-called "Control Group" are also seen to make gains. According to analysts, consumer spending is carrying the burden of America's economic growth so data will be tightly watched for any signs of weakening. In China, the government will post its third-quarter gross domestic product, industrial output, and retail sales data on Friday.
In currencies, the Japanese yen was 108.36 per USD, falling 0.1 percent. The offshore Chinese yuan rose 0.1 percent to 7.0770 per USD. The Bloomberg Dollar Spot Index was stable after falling 0.4 percent on Friday. The euro was pegged at $1.1031, up 0.1 percent. The pound fell around half a percent versus the euro and dollar at the beginning of a crucial week for Britain and the EU to sign a Brexit deal.
In commodities, the West Texas Intermediate (WTI) was up 0.3 percent to $54.91 a barrel. Precious metal gold retreated 0.2 percent to $1,485.84 per ounce.
