(Bloomberg) — Asian stocks looked set for a weaker open Tuesday and U.S. futures slipped as traders await key American jobs data later this week to help gauge the economic outlook.

Equity contracts fell in Japan, Australia and Hong Kong. S&P 500 and Nasdaq 100 futures edged down following a U.S. holiday. The offshore yuan held a retreat after China forced banks to keep more foreign currencies in reserve for the first time in over a decade, its most substantial move yet to rein in the surging currency.

Oil climbed as OPEC and its allies forecast that inventories will fall sharply this year if the group sticks to its current plan. Gold had its biggest monthly advance since July and most industrial metals gained.

In Australia, the central bank is expected to keep loose policy settings unchanged. But it may be getting closer to a decision on whether the economy is strong enough to join Canada and New Zealand in signaling a move away from emergency stimulus.

Global stocks are starting the new month near record highs, underpinned by the economic recovery from the pandemic and ample liquidity from sustained stimulus. Still, concerns linger that rising price pressures could prompt central banks to withdraw support earlier than anticipated.

“We believe the market has been premature in scaling back the reflation trade simply because some commodities and U.S. Treasury yields have experienced a correction,” wrote Eric Robertsen, chief strategist at Standard Chartered Bank.

Here are key events to watch this week:

Reserve Bank of Australia policy decision TuesdayOPEC+ meets to review oil production levels TuesdayPhiladelphia Fed President Patrick Harker, Chicago Fed President Charles Evans, Atlanta Fed President Raphael Bostic and Dallas Fed President Robert Kaplan speak WednesdayU.S. employment report for May on Friday

These are some of the main moves in markets:

Stocks

S&P 500 futures fell 0.1% as of 7:10 a.m. in Tokyo. The gauge was little changed Friday.Nasdaq 100 futures dropped 0.1%. The index rose 0.2% Friday.Nikkei 225 futures retreated 0.1%Australia’s S&P/ASX 200 Index futures fell 0.4%Hang Seng Index futures slipped 0.1%

Story continues

Currencies

The yen traded at 109.54 per dollarThe offshore yuan was at 6.3730 per dollar, after falling 0.2%The Bloomberg Dollar Spot Index fell 0.2%The euro was at $1.2229

Bonds

U.S. 10-year bond futures were little changed

Commodities

West Texas Intermediate crude rose 1% to $67.01 a barrelGold was at $1,907.44 an ounce

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