Japan's manufacturing activity expanded for the first time in seven months in May, while the service-sector hit record growth, a survey showed on Tuesday, as the post-COVID recovery shored up business conditions.

European Central Bank interest rate hikes are likely to peak out by the end of summer, but the more important issue now is how long rates stay elevated than the exact level, French ECB policymaker Francois Villeroy de Galhau said on Monday.

China kept its benchmark lending rates unchanged for the ninth month in May on Monday, matching market expectations, as a weakening yuan and widening yield differentials with the United States limited the scope for any substantial monetary easing.

The inflation wave that crested at a 40-year high last year and remains elevated has eroded U.S. households' sense of financial security, the Federal Reserve reported Monday, with many saying they had reduced their savings to make ends meet, felt less secure about retirement, and had delayed purchases or swapped into cheaper products as they shopped.

Treasury Secretary Janet Yellen said it’s now “highly likely” that her department will run out of sufficient cash in early June, and repeated her warning that the moment could come as soon as June 1.

Oil prices rose in early Asian trade on Tuesday, extending gains into a third straight session as markets bet on an improvement in U.S. fuel demand ahead of the memorial day weekend, while a positive tone from lawmakers on raising the debt ceiling also aided sentiment.