PMI data for Australia, Japan and India

According to preliminary figures from au Jibun Bank, business activity in Japan expanded at the fastest pace in eight months in April.

The country’s composite purchasing managers index rose to 52.6 from 51.7 in March, its highest level since August.

Japan’s manufacturing PMI was 49.9, a slow decline from 48.2 in March, while the service PMI was 54.6, up from 54.1 in March.

— Lim Huijie

Business activity in Australia expanded at the fastest pace in 24 months in April, according to preliminary figures from S&P Global.

The country’s composite Purchasing Managers Index was 53.6, compared with 53.3 in March.

The manufacturing PMI rose from 47.3 to 49.9, just short of the 50 mark that separates expansion from contraction, while the services PMI fell slightly from 54.4 to 54.2.

— Lim Huijie

While rising geopolitical tensions are causing volatility in oil prices, one strategist is keen to explore opportunities in the energy sector.

While it was one of the laggards last year, things have improved and many stocks are now trading near all-time highs.

Oil market volatility certainly presents challenges and urges investors to be patient, which “regularly pays off in energy,” said Stephen Ellis, Energy and Utilities Strategist at Morningstar. said.

But he said there are “selectable bargains” on the market right now, and revealed his five favorite energy stocks right now.

CNBC Pro subscribers can read more here.

— Amara Balakrishna

Oil futures fell slightly on Monday after Iran said it would not escalate its conflict with Israel.

The May West Texas Intermediate contract fell 29 cents to settle at $82.85 per barrel, and the June Brent futures contract fell 29 cents to settle at $87 per barrel. U.S. crude oil and Brent fell 3% last week. The two benchmarks are up nearly 16% and 13%, respectively, this year.

Iranian Foreign Minister Hossein Amirabdollahian told NBC News that his country would not respond to Israel’s retaliatory strikes, which began Friday.

— Spencer Kimball

Investors should reduce their exposure to U.S. Treasuries as it looks increasingly likely that the Federal Reserve will postpone interest rate cuts, according to Ned Davis Research.

Joseph Kalish, the fund’s chief global macro strategist, said in a note to clients that NDR is reducing its exposure to U.S. Treasuries in its global fixed income allocation model from an overweight position to a market weight position.

“Last week’s flight to safety allowed U.S. Treasuries to temporarily outperform. However, fundamentals and technicals continue to work against U.S. Treasuries relative to other economies. U.S. Economy “The economy remains strong, inflation is sticky, and the Fed continues to push back the timing of rate cuts,” the memo said.

Investors should replace that exposure with increased exposure to European and Japanese bonds, according to Ned Davis Research.

— Jesse Pound

Gold futures fell on Monday, their fastest decline in three sessions.

Bullion prices hit a low of $2,344.70 an ounce early Monday, the lowest price since April 15th. The VanEck Gold Miners ETF (GDX) also had its worst day since February 13th..

— Brian Evans, Nick Wells