Asia stocks on guard for earnings, China economy surprises

Analysts expect Q1 S&P 500 earnings to fall 5.2% from the year-earlier period, though BofA analyst Savita Subramanian is more concerned about the outlook for 2023.

"Demand for consumer goods has already softened and now we're watching services," Subramanian said. "Airlines, hotels and restaurants are feeling pressure from slowing macro, tough comps and no respite from wage pressure." Yet, the outlook has also turned more hawkish on the European Central Bank , sending German two-year yields surging 32 basis points over the week for the biggest increase since September.

That sea change saw the euro gain 0.8% last week, even after a dip on Friday. So far on Monday, the single currency was holding at $1.0985 having hit a one-year high of $1.1075 last week.remains committed to its super-easy monetary policy, at least for now. That kept the dollar firm at 134.13 yen , after rallying 1.2% last week.

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