The Caixin China General Manufacturing PMI rose to 50.7 in May 2020 from 49.4 in the previous month and beating market consensus of 49.6, as COVID-19 led restrictions eased.

The IHS Markit South Korea Manufacturing PMI fell to a record low of 41.3 in May 2020 from 41.6 in the previous month, as the Covid-19 outbreak reemerged after the government lifted lockdown restrictions.

Japan's main bourse broken above 22,000 points on Monday for the first time since late-February, as investors set aside Sino-US rhetoric to focus on the prospect of a reopening world economy. On the data front, Japanese companies raised spending on plant and equipment by 4.3 percent year-on-year in the first quarter of 2020, as both manufacturing and non-manufacturing investment rebounded.

The au Jibun Bank Japan Manufacturing PMI was at 38.4 in May 2020, in line with the flash figure and after a final 41.9 in April. This was the steepest contraction in the sector since March 2009 as the COVID-19 crisis deepened.

Australia’s equity market opened in the red on Monday, as tensions continued to heighten between the United States and China. US President Donald Trump said his administration ended his country's special trade relationship with Hong Kong after Beijing approved a proposal for new national-security legislation in the former British colony.

Oil futures dropped on Monday, amid mounting concerns about demonstrations in major US cities that could staunch demand. Riots erupted over the death of Floyd in the hands of Minneapolis policy. On top of that, Donald Trump has eliminated special treatment for Hong Kong punishing China for the recent events seen in the former British Colony. Putting a floor under prices were expectations that Saudi Arabia and other major producers will extend the current record output cut agreement until the end of 2020.

Exports from South Korea tumbled 23.7% yoy USD 36.55 billion in May 2020, after a 25.1% drop in April and compared with market consensus of a 22.1% fall, as the coronavirus pandemic paralyzed the global economy and deteriorated demand.

Japanese companies raised spending on plant and equipment by 4.3 percent year-on-year in the first quarter of 2020, after a 3.5 percent cut in the previous period. Investment rebounded for non-manufacturing (6.2 percent vs -0.1 percent in Q4), driven by production, transmission, and distribution of electricity (39.2 percent vs -28.5 percent) and real estate (20.5 percent vs -22.8 percent). In addition, investment of manufacturing companies rose (0.6 percent vs -9.0 percent), particularly petroleum and coal products (80.9 percent vs 16.8 percent).

The Commonwealth Bank Manufacturing PMI in Australia declined to 44.0 points in May of 2020, slightly down from April's 44.1, but revised higher from a preliminary estimate of 42.8. The reading pointed to the steepest contraction on record in factory activity, purchasing activity both fell at record rates while demand remained subdued. On the price front, input costs rose further in May, driven my continued supply disruptions and a weaker exchanged rate. However, this led firms to reduce their selling prices for the first time since October od 2016. Finally, business sentiment improved to the strongest in five months.