South Korea's KOSPI extended gains, up 3.5% at 6,569.26.

Germany's fund industry assets under management topped €5 trillion for the first time.

WSJ's Nick Timiraos says markets will focus on Wednesday's July inflation MoM print as a rising number of FOMC officials treat upcoming monthly inflation readings as decisive for whether their forecast of inflation falling to 2% over the next two years remains achievable without further rate hikes. New Fed chair Wosh has expressed skepticism about linking policy-sensitive forecast revisions to high-frequency data, saying he sees little practical value in the Fed's current "data-dependent" approach. A working group set up by Wosh appears intended to help design a replacement framework, but until a new framework is clarified the old one still appears to be guiding policy.