The official Manufacturing PMI for China fell in November to a three-year low at 49.6, compared with October's 49.8, and marking the fourth consecutive month of contraction. A result below 50 indicates contraction while above 50 indicates expansion. China's CSI300 index fell 0.44%, but other Asian markets shrugged the results, with Japan's Nikkei advancing 0.85%. Korea's KOSPI jumped 1.35%, while India's Nifty rose to a three-week high, before settling at 7,957 with a 0.28% profit.

Commodities rode the wave, with Brent futures for January rising 30 cents, or 0.65% to $44.84 a barrel. U.S. crude oil futures gained 33 cents, or 0.78% to $41.98 a barrel.

Gold futures advanced as well, adding $5.20, or 0.47% to $1,070.30 an ounce, while Silver futures climbed six cents, or 0.43% to $14.11 an ounce. Copper futures rallied by $0.023, or 1.07% to $2.070 a pound.

Building Approvals for Australia jumped by 3.9% m\m in October, surpassing comfortably September's 2.3% growth. In other positive data from Australia, the current account deficit diminished by 12% in third quarter, coming at -18.1B, from second quarter's -20.5B. Australia's main index S&P\ASX 200 rose to a week's high with a 1.93% profit, while the Australian dollar gained 0.51% to $0.7264.

Dollar gave up some ground, with its index, which tracks the greenback against 6 major peer currencies, slipping 0.18% to 100.09, but still not far from a 12-year high hit in March at 100.39. Dollar fell 0.17% against the euro to 1.0584. It lost 0.26% against sterling, to trade at 1.5097. Dollar dipped 0.18% against the yen to 122.90.

Wall Street closed lower on Monday, with Dow Jones sliding 78 points, or 0.44% to 17,719. NASDAQ lost 19 points, or 0.37% to 5,108. S&P 500 declined ten points, or 0.46% to 2,080.

From U.K., Manufacturing PMI for November is forecast at 54.0, lower than October's 55.5, but still indicative of strong growth. The higher the result is, the better for sterling.

From U.S., ISM Manufacturing PMI is expected at 50.3, a touch away from contraction. The Fed is widely expected to raise interest rates in its meeting this month, so the dollar is expected to remain buoyed near its recent highs.