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Overview: The new week has begun slowly with Singapore and Tokyo markets closed for national holidays. The MSCI Asia Pacific Index rose 2% last week and edged higher today, led by 1.5%-1.7% rallies in South Korea and Australia. Hong Kong was a notable exception and eased around 0.6%. Europe's Dow Jones Stoxx 600 also advanced 2% last week and is straddling little changed levels. The same could be said for US shares. The S&P rose by nearly 2.5% last week. The bond market is quiet, and the US 10-year benchmark yield is about 56 bp.