Japan intervenes to support yen, slashing bearish positions. The move highlights how official action is unwinding a crowded trade, Bloomberg reports.

China car sales drop 21.5% in April as Iran oil shock slams gasoline vehicle deliveries, with electric demand unable to offset slump.

China's car sales fell 21.5% in April, as plunging gasoline vehicle deliveries due to the Iran oil shock offset weak electric car demand.

Reliance reverses Jio IPO plan, will issue new shares instead, Economic Times reports. Move could reshape India's telecom market.

Reliance Industries is reversing its plans for an initial public offering of Jio, potentially India's largest ever, and will instead issue new shares, according to the Economic Times.

China April CPI rises 1.2% YoY, above estimates; PPI jumps 2.8% vs 1.8% expected.

China's April CPI rose 1.2% year-on-year, above expectations of 0.9% and prior 1.0%. Core CPI also rose 1.2%. PPI surged 2.8%, well above the 1.8% estimate and prior 0.5%.

Oil prices surge 2.69% to $104 after Trump rejects Iran's response to US proposal to end the war. Brent crude rose to $104.01 a barrel by 23:36 GMT Sunday, extending Friday's 1.23% gain.

Oil prices rose after Trump rejected Iran's response to a US proposal to end the war. Brent crude increased 2.69% to $104.01 a barrel by 23:36 GMT on Sunday.