(Bloomberg) — Asian stocks rose Thursday after Treasuries rallied ahead of a U.S. inflation report that may provide clues on the monetary policy outlook. U.S.-China talks bolstered the offshore yuan.

Japanese, Australian and Hong Kong shares advanced along with U.S. equity contracts. The S&P 500 again flirted with a record before slipping, continuing a pattern of range-bound trading also evident at a global level.

The offshore yuan climbed after the Chinese and U.S. commerce ministers agreed to push forward trade and investment links in their first call since the start of President Joe Biden’s administration. Separately, Biden revoked Trump-era bans on TikTok and WeChat. He ordered a review of software apps from foreign adversaries and action against those that pose a security risk.

The 10-year Treasury yield fell below 1.5% for the first time in a month, helped by a strong auction, signaling support for the view that the rebound from the pandemic will stoke only a transient bout of elevated inflation. Australia’s 10-year yield fell as low as 1.49%. The dollar was steady.

Broad market gauges are showing little concern about the upcoming U.S. inflation print or the possibility the Federal Reserve will begin discussions in the weeks ahead about tapering asset purchases. The meme-stock frenzy and gyrations in cryptocurrencies are some of the few sources of volatility.

“Even if inflation comes out a little higher than Street expectations tomorrow, the Fed isn’t going to change its path,” Esty Dwek, head of global market strategy at Natixis Investment Managers, said in a Bloomberg TV interview. “There’s a lot of wait-and-see going on and really just thinking it would take a lot to really surprise markets.”

The rally in commodities, one of the leading reflation plays, continued to stall. Oil slipped amid an increase in U.S. fuel stockpiles. Bitcoin held an advance.

Traders are awaiting the European Central Bank policy decision and a Group of Seven summit, which is set to vow delivery of at least 1 billion extra vaccine doses over the next year to help cover 80% of the world’s adult population.

Story continues

Here are key events to watch this week:

U.S. consumer price index on Thursday.European Central Bank decision on Thursday and press conference with President Christine Lagarde.Iran nuclear deal talks reconvene in Vienna Thursday.Group of Seven leaders’ summit starts in Cornwall, England Friday.

These are some of the main moves in markets:

Stocks

S&P 500 futures added 0.1% as of 10:35 a.m. in Tokyo. The index fell 0.2%Nasdaq 100 futures increased 0.1%. The index was little changedJapan’s Topix index added 0.2%Australia’s S&P/ASX 200 Index climbed 0.4%South Korea’s Kospi index rose 0.5%Hang Seng Index rose 0.4%Shanghai Composite Index gained 0.2%

Currencies

The Japanese yen traded at 109.54 per dollar, up 0.1%The offshore yuan was at 6.3809 per dollar, rising 0.1%The Bloomberg Dollar Spot Index was stableThe euro was at $1.2171

Bonds

The yield on 10-year Treasuries held at 1.49%Australia’s 10-year bond yield slipped eight basis points to 1.49%

Commodities

West Texas Intermediate crude fell 0.7% to $69.44 a barrelGold was at $1,888 an ounce

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