Britain's new finance minister Rachel Reeves said she will consider giving inflation-busting pay increases for almost 2 million government employees later this month to avoid crippling public sector strikes.
China surprised markets by lowering a key short-term policy rate and its benchmark lending rates on Monday, in efforts to boost growth in the world's second-largest economy.
Oil prices rose in Asian trade on Monday, recovering some measure of recent losses on hopes of improving economic conditions in top importer China after the country unexpectedly lowered borrowing costs.
Most Asian stocks fell on Monday amid uncertainty over what a potential administration change in the U.S. will entail for the region, with a surprise interest rate cut in China doing little to lift spirits.
The dollar eased on Monday in the initial reaction to U.S. President Joe Biden's decision to end his reelection campaign, clearing the way for another Democrat to challenge Donald Trump.
Asian shares are set to end the week on a sour note, as uncertainty across major economies added to headwinds for investors even as the global rate easing cycle gets under way.