Global stocks began an event-filled week on the front foot on Monday as investors took heart from growing expectations of a Federal Reserve rate cut in December even as policymakers remain divided over such a move.

In Hong Kong, the benchmark Hang Seng Index advanced 232 points, or 0.92 percent, to open at 25,452.

On the mainland, the benchmark Shanghai Composite Index opened up 0.36 percent at 3,848 while the Shenzhen Component Index was 0.53 percent up at 12,605. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was up 0.9 percent at 2,946.

Markets were gearing up for potential catalysts, including the release of US retail sales and producer prices data due later in the week while British finance minister Rachel Reeves is also set to unveil her highly-anticipated budget.

Geopolitical developments were also front and centre of trading rooms, after the United States and Ukraine said they had created an "updated and refined peace framework" to end the war with Russia, keeping pressure on oil prices on hopes of a potential supply boost.

After a rough ride for global equity markets last week driven in part by worries over lofty tech valuations, Monday's session in Asia gave stocks some much-needed reprieve.

Trading was thinned with Japan markets closed for a holiday, but MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent and South Korea's tech-heavy Kospi index was up 0.7 percent.

Nasdaq futures and S&P 500 futures rose 0.64 percent and 0.45 percent, respectively, while Eurostoxx 50 futures advanced 0.78 percent.

The latest boost came after remarks from influential Fed policymaker John Williams, who said on Friday that interest rates can fall "in the near term", boosting the likelihood of further easing in December.

"We expect another Fed cut in December, followed by two more moves in March and June 2026 that take the funds rate to 3-3.25 percent," said Goldman Sachs chief economist Jan Hatzius in a note.

"The risks for next year are tilted towards more cuts, as the news on underlying inflation has been favourable and the deterioration in the job market – especially for college-educated workers – might be difficult to contain via the modest cyclical growth acceleration we expect."

Trading of cash US Treasuries was closed in Asia on Monday owing to the Japanese holiday, but futures held steady.

A record US government shutdown that ended this month has muddied the outlook for US rates, as policymakers grapple with gaps in data that would normally guide their view of the world's largest economy.

The US Bureau of Labor Statistics said on Friday it had cancelled the release of October's consumer price report because the shutdown had prevented the collection of data. (Reuters/Xinhua)