Asian stocks rose with European and U.S. equity index futures as a rebound in oil bolstered risk appetite ahead of heavily-anticipated central bank policy meetings this week. A gauge of the dollar retreated from a seven-week high, while yuan borrowing costs surged in Hong Kong.
The MSCI Asia Pacific excluding Japan Index climbed 1.2 percent as of 7:03 a.m. London time, after sinking 2.4 percent last week.
China stocks edged higher on Monday, as investors returning from a long holiday drew optimism from surveys showing improving business confidence.
Both the blue-chip CSI300 index and the Shanghai Composite Index gained 0.8 percent to 3,263.12 and 3,026.05 points, respectively. China's markets were closed on Thursday and Friday.
Hong Kong shares rose sharply on Monday, despite lingering uncertainty around U.S. monetary policy, with an index tracking Chinese firms jumping more than 2 percent at one point on the back of money inflows from the mainland.
The Hang Seng index rose 0.9 percent, to 23,550.45, while the China Enterprises Index gained 1.6 percent, to 9,747.75 points.
In a recent note to clients, a UBS team led by strategist Julian Emanuel shared a chart showing the S&P 500 compared with recessions in the US.
Notably, downturns in the market overlap with rough economic times.
"It is worth noting that no US equity bear market of the last 25 years has begun without a recession starting within 12 months following the market top," the team wrote.
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