Chinese shares led Asia higher Monday as investors bet on U.S. rate cuts and awaited Nvidia’s earnings. Futures now price an 84% chance of a September cut, pushing Treasury yields and the dollar lower.

MSCI Asia ex-Japan gained 1.5%, with Chinese blue chips up 1.4% to their highest since mid-2022. Japan’s Nikkei rose 0.4% and Korea’s KOSPI 1.1%.

Attention now turns to Nvidia’s results Wednesday, with options pricing a 6% swing in its $4 trillion stock. Oil and gold firmed as the dollar eased, while markets brace for U.S. inflation data later this week.