Asia wrap: Little fanfare

The main news and perhaps the most unsurprising result came from the House of Representatives, which voted 314-117 to send the debt ceiling bill to a rubber-stamped Senate approval to little market fanfare as judged muted reaction across US futures. 

But investors could be treading cautiously ahead of Friday's NFP, which should take on increased importance as that will be the last significant data point that Fed officials will have a chance to comment on before their June 14th rate decision.

In China, the headline Caixin manufacturing PMI rose to 50.9 in May from 49.5 in April, suggesting improved manufacturing activity due to increased demand. But looking at the bellwether Yuan's plight, it will take more than a slightly above contraction PMI  reading to mend China's leaky ship.

Oil market participants expect the nine major OPEC+ producers, which announced voluntary production cuts in April, to keep production unchanged. And while they will most certainly ramp up the " Ouching" rhetoric, one possible outcome is that OPEC could broaden the cuts to smaller producers. However, in the absence of Russian compliance, whether this will stem the pessimistic tide is debatable.