Nov 7 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever.

What the Fed taketh away, China could be about to giveth back. Professional T Shirt Printing

Speculation is mounting that China may make substantial changes to its zero-COVID policy soon and begin opening the economy back up. Chinese asset prices were on fire at the end of last week, and the glow is expected to continue burning brightly into Monday.

The strong close on Wall Street Friday should also help, but that rally may be vulnerable - the Fed is not pivoting any time soon, implied terminal rates are now above 5%, the yield curve inversion is relentless, and an earnings slowdown next year is highly likely.

Could a Chinese pivot on COVID replace the elusive Fed pivot on rates for investors, and spark a year-end rebound across world markets? Some of the moves in China and Hong Kong last week were remarkable.

Shanghai stocks rose 6.4%, the biggest rise weekly since July 2020; Hong Kong's Hang Seng jumped 8.7%, its best week in 11 years, and the Chinese yuan posted its biggest rise against the dollar on Friday since the currency's one-off revaluation in 2005.

A Hong Kong summit last week in global banking showed the pent up appetite for investing in China. "Risk/reward is still attractive for being long reopening trades in China," Morgan Stanley analysts reckon.

China also grabs the economic data spotlight on Monday, as Beijing releases its trade and FX reserves figures for October. Trade activity is expected to slow and FX reserves, already the lowest in five and a half years, are expected to dip closer towards the $3 trillion mark.

Three key developments that could provide more direction to markets on Monday:

China trade balance, FX reserves (October)

Our Standards: The Thomson Reuters Trust Principles.

Jamie McGeever has been a financial journalist since 1998, reporting from Brazil, Spain, New York, London, and now back in the U.S. again. Focus on economics, central banks, policymakers, and global markets - especially FX and fixed income. Follow me on Twitter: @ReutersJamie

European shares closed on Monday at a more than seven-week high as a jump in travel and technology stocks helped outweigh a drag from China-exposed luxury giants.

Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.

Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.

The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.

The industry leader for online information for tax, accounting and finance professionals.

Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.

Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.

Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.

Jersey T Shirt Design All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.