According to Bloomberg, Asian shares climbed for a second consecutive session as markets shifted their focus to key US economic data expected this week. This data is anticipated to provide further insights into the health of the world's largest economy. A semblance of calm returned to the markets after they were significantly impacted early last week by fears of an economic downturn. Analysts suggest that while uncertainties remain, there are indications of relatively calmer conditions ahead.

Elsewhere in Asia, traders are closely monitoring China's retail sales and industrial production figures. China continues to combat bond market speculators, with state banks selling debt to support yields. The yields on the nation's 10-year benchmark bond have been a focal point. Additionally, New Zealand's central bank is set to make a policy decision this week, which will be closely watched given the current economic climate.

The yen experienced a surge last week as traders reacted to various economic signals. The Bank of Japan (BOJ) and the Federal Reserve (Fed) remain the primary variables influencing trading activities. The global bond markets, which experienced a tumultuous week, began to stabilize on Friday as concerns over a potential US economic downturn—leading to a Treasury rally and brief market meltdown—started to fade.

Over the weekend, comments from the Fed Governor added to the market's cautious optimism. In the commodities sector, oil prices rose on Monday, extending a 4.5% gain from the previous week. However, some of the top US oil refiners are reducing operations at their facilities this quarter, raising concerns about a potential global crude oil surplus. Meanwhile, gold prices traded lower, reflecting the mixed sentiment in the commodities market.

These developments highlight the ongoing volatility and the cautious optimism prevailing in global markets as investors await further economic data and policy decisions.