Markets Are Rallying In Asia

REUTERSJapan's then Finance Minister Kiichi Miyazawa (L) chats with then U.S. Treasury Secretary-designate Lawrence Summers in the northern Malaysian island of Langkawi, May 15, 1999.The weekend is over, Larry Summers has withdrawn his nomination for Fed Chair, and Asian markets are up.

Australia's ASX 200 is 0.25% higher.

Korea's Kospi is up 1.08%.

Japan is closed for a holiday.

"Larry Summers' withdrawal from the race for Fed chair will likely be interpreted by markets as bullish for US interest rate curve trades, duration more generally, and risk assets (including credit and equities)," wrote PIMCO's Mohamed El-Erian for Business Insider. "It may also impact the manner in which the outcome of this week's important Fed policy meeting is interpreted by markets."

This is is Federal Open Market Committee (FOMC) week, so you'll want to keep it here for all your Fed coverage.