Japan's factory activity shrank for the sixth straight month on lacklustre demand while the service sector extended gains in December, business surveys showed on Monday, highlighting the economy's increasing reliance on services.

China's industrial output rose 5.4% from a year earlier in November, quickening from October's 5.3% growth, signalling tentative stabilisation in the world's second-largest economy as recent stimulus measures start to gain traction.

Indonesia posted an unexpectedly large $4.42 billion trade surplus in November, double the figure expected by analysts as exports jumped and imports came in below market forecasts, official data showed on Monday.

China's industrial output growth quickened slightly in November, while retail sales disappointed, keeping alive calls for Beijing to ramp up consumer-focused stimulus as policymakers brace for more U.S. trade tariffs under a second Trump administration.

Oil futures eased from their highest levels in weeks as traders took profit while waiting for a meeting of the Federal Reserve later this week for indication of further rate cuts.

The dollar hovered close to a three-week peak versus major peers on Monday amid expectations the Federal Reserve will cut interest rates this week but then signal a measured pace of easing for 2025.