- In economic data, New Zealand's August QV house prices fell at a slower rate than in July (New Zealand Aug QV House Prices Y/Y: -2.8% v -5.0% prior), as housing price declines slowed in Auckland City and Wellington City. Australia's AIG performance of construction index rose in Aug (Australia Aug AIG Performance of Construction Index: 42.4 v 39.5 prior), led by improvements in the activity, new orders and employment components. Additionally, Australia's ANZ job advertisements rose for the first time since April 2008 (AUSTRALIA AUG ANZ JOB ADVERTISEMENTS M/M: 4.1% V -1.7% PRIOR). According to ANZ, the employment survey confirms that the decline in Australia's employment industry will not be as bad as believed 6 months ago. In Japan, Aug official reserves assets rose (Japan Aug Official Reserve Assets: $1.04T v $1.02T prior), as Japan's holdings of IMF special drawing rights moved to $18.5B from $3.0B in July.

- In currencies, the Japanese yen is weaker across the board on the gains in most Asian equities indices. The yen is seeing its worst declines against the commodity currencies (AUD, CAD, NZD). The USD is declining against the European major currencies, with the exception of the British pound. Additionally, the dollar has been weaker against the commodity currencies, as AUD/USD rose to a fresh 1-year high earlier during the session. In terms of the NZD/USD, there has been some chatter among dealers that an options barrier could be located at 0.6900. So far, today's high for NZD/USD has been around 0.6897. In other currencies, the British pound is weaker against the EUR and USD ahead of this week's upcoming Bank of England policy meeting. The UK Observer quoted the British Chambers of Commerce as saying that the BoE should lower interest rates to zero this week, from the current level of 0.50%. In terms of foreign exchange related commentary, the G20 joint statement noted that expansionary fiscal policy would be continued until the global recovery is seen as secure. The G20 also introduced new capital rules for banks. Among the new capital rules includes the introduction of leverage ratios in the Basel regulatory framework and suggested improvements to the quality of banks' Tier 1 capital ratios.

- Asian equities are mostly firmer, tracking Friday's advance in US equities. The Nikkei 225 has gained more than 0.50%, led by exporters. Australia's S&P ASX 200 is trading higher on advances in shares of technology and health care companies. The Shanghai Composite has risen by more than 1%, led by shares of health care and consumer goods companies. South Korea's Kospi has moved between gains and losses. The best equity performers in South Korea include oil/gas companies, while the underperformers are being led by health care and telecom companies. Taiwan's Taiex is higher by more than 0.50%, led by gains in chipmakers and financials. The Hang Seng is higher by more than 1%, as the index has been supported by the Chinese government's plan to increase the foreign fund investment limit in equities to $1B from $800M.

- Crude oil prices opened the session lower and below $68, but have since moved off of the session's worst levels on the weaker dollar and gains in Asian equities. As the market's attention shifts to this week's upcoming OPEC meeting, Iran's oil minister was quoted as saying that the cartel would maintain its current production levels. Spot Gold is lower by more than 0.10% and trading below $995/oz. In terms of physical demand for gold, the SPDR Gold Trust ETF's holdings declined by 0.38 metric tons to 1,077 metric tons as of Sept 4. On Sept 3, the ETF increased its holdings by 14.7 metric tons. (Note: All quotes are as of 23:15 EST)