Oil gained more than $1 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down the previous session, although concerns about a market surplus persisted.

Malaysia’s central bank will hold its key interest rate steady on Thursday but is expected to lower it by 25 basis points in the last three months of the year to support slowing economic growth amid growing trade tensions, a Reuters poll suggested.

Chinese travellers’ spending rose 8% year-on-year during the May Day holiday to 180.27 billion yuan ($24.92 billion), but was still off pre-pandemic levels, while the country’s services activity expanded at the slowest pace in seven months in April.

The dollar struggled to make headway on Tuesday as an unprecedented two-day surge in its Taiwanese counterpart spilled over to other regional peers and highlighted the fragility of the U.S. currency.

The Euro-zone’s headline inflation remained unchanged at 2.2% in April 2025, aligning with broader market expectations and suggesting stability in the region’s economy.

BCA Research analysts cautioned that China’s economic outlook remains bleak despite recent tariff de-escalation efforts between the U.S. and China, due to persistent headwinds, including a projected contraction in Chinese exports and delayed stimulus measures from Beijing.