Labour Day, also known as International Workers’ Day, is celebrated on May 1 every year to honour the working class across the world. It is celebrated as a national public holiday in many countries. The history of Labour Day goes back to 1886 when a Labour Union in the United States decided to go on strike with the sole demand that workers should not be allowed to work over eight hours a day. 

In Asia, most of the stock markets have been closed (due to the holiday). According to a report by the news agency Associated Press, the Labour Day holiday across countries is likely to limit initial market reactions to a delay in an expected decision by U.S. regulators on what to do with troubled First Republic Bank.