(Bloomberg) -- Asian stocks looked set for a mixed start to the week amid signs a global rally is stalling. Oil climbed as the U.S. said it was planning sanctions on Iran.
Futures in Japan pointed modestly lower, while Hong Kong contracts were little changed. S&P 500 futures opened steady after the gauge edged down Friday, pulling back from its all-time high reached in the previous session. The yen and the offshore yuan were steady. The yield on 10-year Treasuries ended last week at 2.05%. The Turkish lira surged after the opposition candidate won the redo of Istanbul's mayoral race.
Investors are weighing geopolitical risks alongside a dovish shift from major central banks amid ongoing trade tensions between the U.S. and China. Next up comes a speech from Federal Reserve Chair Jerome Powell on Tuesday, then a meeting between U.S. President Donald Trump and Chinese President Xi Jinping on the sidelines of the Group of 20 summit in Japan at the end of the week to discuss the trade war.
Minneapolis Fed President Neel Kashkari said Friday he called for a 50 basis point reduction in interest rates at the central bank's June 18-19 meeting. Federal Reserve Vice Chairman Richard Clarida said the argument in favor of cutting rates has strengthened recently as cross currents buffet the U.S. economy amid heightened uncertainty.
Meanwhile the U.S. plans to announce more sanctions against Iran, but President Donald Trump is also willing to negotiate with Iranian leaders with "no preconditions" to ensure the Islamic Republic never acquires a nuclear weapon. The sanctions would come days after the U.S. president abruptly called off a plan for air strikes.
Here are some key events coming up:
These are the main moves in markets:
--With assistance from Alyce Andres, Robert Fullem and Nancy Moran.
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