(Bloomberg) -- Asian stocks rose along with US equity futures on expectations that China may deliver more stimulus to revive the world’s second-largest economy.

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The MSCI Asia Pacific Index climbed as shares in China, Hong Kong and South Korea advanced. The People’s Bank of China and other regulators will hold a briefing on Tuesday, after data on Friday reinforced the slowing momentum in the economy. The yen dropped after Bank of Japan Governor Kazuo Ueda indicated Friday that authorities aren’t in a hurry to raise interest rates again.

China’s central bank cut a short-term policy rate on Monday as part of reductions initiated in July. The central bank lowered the 14-day reverse repurchase rate to 1.85% from 1.95% previously.

“I do expect PBOC will cut the seven-day repo rate as well as the reserve requirement ratio in the coming months,” said Zhiwei Zhang, president and chief Economist at Pinpoint Asset Management. “There is a press conference tomorrow when the financial regulators will shed light on their policy stance.”

Global markets are also getting a lift from the Federal Reserve kicking off its rate cut cycle. A gauge of the dollar was little changed while Australian bonds fell ahead of the central bank likely extending a policy pause on Tuesday as housing costs underpin sticky inflation.

Cash trading of US Treasuries was closed in Asia due to a holiday in Japan.

A swath of Fed speakers is due, while among the raft of economic data this week will be the Fed’s preferred measure of inflation, which may give fresh impetus to the global share rally.

“What markets will probably be looking for here is a very fine balance in the data — where disinflation continues unfettered whereas jobs don’t deteriorate too sharply,” Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd., told Bloomberg TV.

Oil rose after a second weekly gain, with the focus on an escalation in the conflict between Israel and Hezbollah. Gold steadied near a record.

In the newest geopolitical twist, the US Commerce Department is said to be planning to reveal proposed rules that would ban Chinese- and Russian-made hardware and software for connected vehicles as soon as Monday. Meanwhile, Sri Lanka’s dollar bonds slid after leftist candidate Anura Kumara Dissanayake won the presidential election over the weekend.