The highlight on the calendar today comes at 0230 GMT with the final HSBC Chinese manufacturing PMI. The flash reading was 49.1 but there may be an upside risk due to the 53.3 reading yesterday in the official manufacturing PMI. Overall, don’t expect a large reaction to this data point, the preliminary numbers are the bigger driver.
Japan is open today but closed for the remainder of the week. Releases include the April monetary base at 2350 GMT and labor cash earnings at 0130 GMT — neither will be a market mover.
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