Singapore’s headline inflation rate dropped to its lowest level since September 2021, registering at 2.7% for the month of March. This figure was lower than February’s rate of 3.4% and also fell below the 3% projection by economists surveyed by Reuters. Additionally, the city-state’s core inflation rate, referred to as the “MAS core inflation measure,” which excludes prices of accommodation and private transport, also decreased to 3.1% from 3.6% in February.

In India, business activity surged at its fastest pace in 14 years during April, as indicated by the flash composite purchasing managers index of 62.2. This was an increase from 61.8 in March and surpassed the 61.4 forecasted by economists polled by Reuters. Notably, both the manufacturing and services sectors in India experienced faster-than-expected expansions, with the PMI reaching 59.1 and 61.7, respectively.

Chinese bubble tea company Chabaidao faced a challenging trading debut in Hong Kong, with its shares plummeting by 30% after opening 10% lower. The company, officially listed as Sichuan Baicha Baidao Industrial, is currently trading far below its IPO offer price of HK$17.50. Despite this setback, Chabaidao’s initial public offering marked the largest listing in Hong Kong this year, generating net proceeds of 2.59 billion Hong Kong dollars.

Moving to Japan, business activity in April expanded at its quickest pace in eight months, based on flash data from au Jibun bank. The country’s composite purchasing managers index rose to 52.6 from March’s 51.7, hitting its joint-highest level since August. Notably, Japan’s manufacturing PMI improved to 49.9 from 48.2 in March, while services PMI increased to 54.6 from 54.1 in the previous month.

The Japanese yen experienced a notable decline against the U.S. dollar, reaching a fresh 34-year low of 154.85 in early Tuesday trading. This marked the weakest level for the currency since the mid-1990s. Although the yen slightly strengthened to 154.74 later in the morning, its performance remained a focal point ahead of the Bank of Japan’s upcoming meeting.

Australia’s business activity accelerated at its fastest rate in 24 months in April, with the country’s composite purchasing managers index climbing to 53.6 from 53.3 in March. The manufacturing PMI approached the 50 mark separating expansion from contraction, reaching 49.9 from 47.3, while the services PMI slightly decreased to 54.2 from 54.4.

Lastly, U.S. crude oil prices hovered near $83 after Iran indicated it would not escalate conflicts with Israel. The West Texas Intermediate contract for May settled at $82.85 a barrel, while June Brent futures settled at $87 a barrel. Both U.S. crude oil and Brent experienced a 3% decline the previous week, yet have seen significant increases of nearly 16% and 13% respectively since the start of the year.