Overview: Asia opened the week on a cautious note as a rejection of ceasefire proposals kept the US-Iran conflict unresolved. Trump branded Iran’s latest response “totally unacceptable” on Sunday, with Tehran dismissing the rebuke as carrying “no weight.” Brent surged to around $105.50/bbl on the breakdown, with the move higher weighing on Treasuries, the 10y yield adding 3bp to 4.39%, and US equity futures edging lower. On the margins, a Qatari LNG tanker completed the first Hormuz transit since the conflict began, bound for Pakistan. Tech was the regional bright spot, with South Korea jumping 5% to a record and Asian chipmakers hitting fresh highs following the Philadelphia Semiconductor Index’s all-time high on Friday. China’s April CPI beat at 1.2% YoY (est. 0.9%, prev. 1.0%) driven by energy and holiday services demand, while PPI surged 2.8% (est. 1.8%, prev. 0.5%) on commodity and AI infrastructure demand. Export data over the wekeend also beat sharply at 14.1% YoY. Bessent begins his Asia tour Monday in Tokyo ahead of the Trump-Xi Beijing summit Thursday.