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China also had its smallest drop in factory prices in five months.

Next up are consumer and factory price data this weekend, with industrial output and retail sales out on the 15th.

The disinflation picture was encouraged around the world on Tuesday as Chinese consumer price inflation hit an 18-month low last month and the annual decline in factory prices sped up.

Warnings about input costs are coming through from companies too, with Nestle warning of even higher factory prices in 2022.

The jump in Chinese factory prices, and Saudi Aramco’s optimism for oil demand, helped to lift stocks - building on Friday’s gains after the strong US jobs report.