"Global Markets React: Asian Equities Retreat, US and Europe Futures Dip"
China's markets have not shown the expected post-holiday rebound, with modest gains for stocks and the central bank refraining from cutting rates, potentially limiting downward pressure on the yuan. Japan's Nikkei index is up almost 15% for the year, while Nvidia's upcoming earnings will test its high valuations. In Europe, upcoming data including flash PMIs and ECB surveys will be important, and there are concerns about high inflation forecasts in the US.