Asian stock markets face a massive sell-off at the start of the week due to multiple tailwinds.

During the Asian trade on Monday, the Israeli military stated a missile had been launched from Yemen towards Israeli territory, which has been intercepted by its aerial defense systems, The Guardian reported. Air raid sirens sound in Tel Aviv, following the attack from Yemen.

Indonesia Foreign Reserves fell from previous $146.2 to $144.9 in May

NZD/USD gains ground after registering over 1% losses in the previous day, trading around 0.5810 during the Asian hours on Monday. The pair appreciates as the US Dollar (USD) edges lower on easing risk aversion after US President Donald Trump criticized Israel's strikes on Beirut.

Japan Trade Balance - BOP Basis: ¥4211B (April) vs ¥3900B

Japan Gross Domestic Product Deflator (YoY) below expectations (3.4%) in 1Q: Actual (3.2%)

Japan Current Account n.s.a. registered at ¥3907B above expectations (¥3137B) in April

Japan Gross Domestic Product Annualized came in at 1.8%, above expectations (1.3%) in 1Q

Japan Gross Domestic Product (QoQ) registered at 0.5% above expectations (0.3%) in 1Q

Japan Bank Lending (YoY) above forecasts (5.6%) in May: Actual (5.7%)

China Foreign Exchange Reserves (MoM): $3.442T (May) vs $3.411T

Colombia Consumer Price Index (YoY) came in at 5.84%, below expectations (5.91%) in May

Colombia Consumer Price Index (MoM) registered at 0.47%, below expectations (0.51%) in May

UOB economists Julia Goh and Loke Siew Ting note that Philippine inflation unexpectedly eased in May but remains above the Bangko Sentral ng Pilipinas (BSP) target, keeping risks tilted to the upside.

DBS Group Research’s Chang Wei Liang highlights that USD/KRW has pushed above 1530 as weakness in semiconductor stocks adds pressure on the Korean Won.

Standard Chartered economists Jonathan Koh and Edward Lee revise their Bangko Sentral ng Pilipinas (BSP) policy rate path, dropping expectations for a 50bps off-cycle hike before the 18 June meeting.

Japan CFTC JPY NC Net Positions: ¥-129.6K vs previous ¥-114.7K

United Kingdom CFTC GBP NC Net Positions rose from previous £-61.4K to £-52.2K

United States CFTC Oil NC Net Positions declined to 155.9K from previous 161K

Australia CFTC AUD NC Net Positions declined to $41.8K from previous $60.2K

United States CFTC S&P 500 NC Net Positions down to $-220.8K from previous $-165.8K

Eurozone CFTC EUR NC Net Positions climbed from previous €29.4K to €48.9K

United States CFTC Gold NC Net Positions: $176K vs $154.3K

DBS Group Research economist Radhika Rao highlights that Indonesia’s onshore markets are under pressure, with the Rupiah at record lows and equities near six‑year lows.

Bitcoin (BTC) has breached below $60,000 at press time on Friday, recording a 20% crash so far this week. Institutional selling and weak derivatives weigh on Bitcoin’s pullback, deepening downside risks as buyers lose the critical $60,000 support band.

UOB’s Global Economics & Markets Research, led by Enrico Tanuwidjaja and Sathit Talaengsatya, argues that Thailand’s latest Consumer Price Index (CPI) data confirm a cost-push rather than demand-led inflation backdrop.

US Treasury yields skyrocket across the whole curve on Friday, with the 2-year Treasury note yield rising over twelve basis points, while the benchmark note, the 10-year, surges six basis points following an outstanding Nonfarm Payrolls report.

OCBC’s FX Strategist Sim Moh Siong expects the Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) to trade 1.5–2% above midpoint, supported by de-dollarisation and safe-haven flows, even as reduced carry tempers its appeal.

Nordea’s Kristian Nummelin highlights that the Chinese yuan has been the best-performing Asian currency this year, appreciating against both the Dollar and the Euro despite widening US–China yield spreads.

OCBC’s FX Strategist Sim Moh Siong says softer Oil prices offer only limited relief to Asia FX, with the Korean Won and Indonesian Rupiah still pressured by equity outflows and policy concerns.