(Bloomberg) — Stocks are set to start the week lower in Asia amid concerns about accelerating inflation. Oil will be in focus after OPEC and its allies reached a deal on increasing global supply.

Futures were down in Japan, Australia and Hong Kong. The S&P 500 Index fell for the first week in four. The 10-year Treasury note yield registered a third week of declines, ending below 1.3%, as the increase of more dangerous Covid-19 variants around the world raised questions about the reflation trade. Currencies were steady in early Asian trading.

Oil posted its biggest weekly loss since mid-March as markets face the prospect of extra supplies from the OPEC+ coalition. Saudi Arabia met the United Arab Emirates halfway in its demand for a more generous output limit, helping mend a rift that had rattled oil markets.

A global rally in shares has stalled amid a growing debate about the pace of inflation and fresh curbs to stem the spread of more contagious virus strains in some parts of the world that threaten the global economic recovery. At the same time, there is a growing divergence among central banks on how they respond to growing price pressures.

“Shares are at high risk of seeing more weakness in the short term as coronavirus cases rise, the inflation scare continues and central banks become less dovish,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, said in a note.

For more market commentary, follow the MLIV blog.

Here are some key events to watch this week:

Reserve Bank of Australia meeting minutes TuesdayEuropean Central Bank rate decision ThursdayBank Indonesia rate decision ThursdayU.S. existing home sales June report ThursdayThe Tokyo Summer Olympics begin Friday

Stocks

The S&P 500 fell 0.8% FridayNasdaq 100 lost 0.8%Nikkei 225 futures fell 0.8%Australia’s S&P/ASX 200 Index futures fell 0.5%Hang Seng futures fell 0.9% earlier

Currencies

The Bloomberg Dollar Spot Index rose 0.1% FridayThe euro was little changed at $1.1811The Japanese yen was little changed at 110.04 per dollarThe offshore yuan was little changed at 6.4757 per dollar

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Bonds

The yield on 10-year Treasuries was little changed at 1.29% Friday

Commodities

West Texas Intermediate crude rose 0.2% to $71.81 a barrelSpot gold fell 1% to $1,812.05 an ounce

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