- In terms of Asian economic data, China's official July manufacturing PMI rose to 53.3 from 53.2, which was the 5th consecutive expansionary reading above 50. Additionally, China's PMI export orders subcomponent rose to 52.1 from 51.4. In Australia, the July AIG performance of manufacturing index rose to 44.5 from 38.4, as the production, new orders, employment and exports subcomponents all rose.

- In currencies, the US is weaker against the commodity currencies as the AUD rose to a 10-month high earlier during the session. The euro has moved off of its best levels against the dollar, after earlier trading above $1.4300, which was the highest level since early June. Additionally, both the British pound and Swiss Franc have retreated from their best levels against the greenback. The Japanese yen is weaker against most currencies in a relatively range bound session.

- At the time of writing, the Nikkei 225 is trading lower as gains in shares of banks are being offset by declines in shares of technology companies and retailers. Australia's S&P ASX 200 is gaining by more than 0.50%, led by banks. South Korea's Kospi is higher by more than 0.30% on advances in shares of oil/gas companies, financials and consumer goods companies. In China, the Shanghai Composite is gaining by more than 0.70% and Hong Kong's Hang Seng is higher by more than 0.40%. In Taiwan, the Taiex is lower on the session on declines in shares of smartphone company HTC.

- Crude oil prices are higher and have moved above $70/bbl on the weaker dollar and expansionary Chinese PMI data.
Spot Gold prices are tracking the gains in oil prices and have moved higher by more than 0.05% on the session. (Note all quotes are as of 01:07 EST)