China's manufacturing sector contracts for the fourth straight month, but equity markets move higher as the country's State Council unveils measures to boost consumption. This prompts broader Asian stocks to extend last week's gains with the Nikkei hitting a 4-week high and tech stocks leading the way on Hong Kong’s Hang Seng. U.S. equity markets close out a milestone week as bumper earnings push the benchmark indices to 15-month highs, while core PCE data shows inflation at its lowest level in almost 2 years. Meanwhile, crude is on pace for its best monthly performance in 18 months, as expectations rise that Saudi Arabia will extend its voluntary production cuts for another month.

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