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MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9 percent, largely recovering from a sharp fall last Friday.

Japan’s Nikkei climbed 1.8 percent to its highest level of the year so far, while Shanghai blue chips rallied 2.1 percent.

E-Mini futures for the S&P 500 were flat as trade was thinned by a holiday in U.S. markets, while spreadbetters pointed to a firmer opening for European bourses.

There are also growing expectations of more reflationary policies from some of the world’s more powerful central banks.

The need for stimulus was highlighted on Monday by data showing a sharp slide in Singapore exports and a big drop in foreign orders for Japanese machinery goods.

Beijing is already taking action with China’s banks making the most new loans on record in January in an attempt to jumpstart sluggish investment.

Minutes of the Federal Reserve’s last policy meeting are due on Wednesday and should provide more guidance on the likelihood or not for rate hikes this year. There is also talk the bank will keep a much larger balance sheet than previously planned.

·         Japan’s Nikkei share average advanced to a two-month peak on Monday, with investor risk appetite lifted by growing expectations that the latest Sino-U.S. talks would ease trade tensions between the two economic superpowers.

The Nikkei ended the day up 1.82 percent at 21,281.85 after brushing 21,306.36, its highest since Dec. 18.