(Bloomberg) — Asian stocks were steady Wednesday and U.S. equity futures wavered as investors assessed risks to the economic recovery from the resurgent coronavirus. The dollar held an advance.

MSCI Inc.’s gauge of Asia-Pacific shares edged up, with Japan, China and Hong Kong posting modest gains. Overnight, U.S.-listed Chinese equities tumbled again on Beijing’s regulatory crackdown. U.S. equity contracts fluctuated in the wake of the S&P 500’s largest decline in a month.

Treasuries were little changed ahead of the release of the latest Federal Reserve minutes amid a highly uncertain outlook for yields. Traders are evaluating the spread of the delta virus variant, the prospect of reduced stimulus support and whether elevated inflation will prove transitory.

New Zealand’s dollar initially slumped before paring the slide after the central bank left interest rates unchanged. The decision comes amid uncertainty as the nation has entered a virus lockdown. The monetary authority signaled it still intends to start tightening policy soon.

Investors are evaluating the outlook for global stocks after a 90% advance from last year’s pandemic lows, as the fast-spreading delta strain impedes reopening and fans worries that economic growth is peaking. Meanwhile, the Jackson Hole symposium next week — the Fed’s most-prominent annual conference — may offer clues about when and how the central bank will taper bond purchases.

“So much growth is priced in and it’s really a question of being able to deliver on that earnings-per-share and whether these multiples are warranted,” Nancy Davis, Quadratic Capital Management founder and chief investment officer, said on Bloomberg Television. “The big thing I am worried about is whether we are going to have an environment where we see higher prices but not necessarily the growth that people are expecting.”

Adding to some recent soft data, U.S. retail sales fell in July by more than forecast, reflecting a steady shift in spending toward services and indicating consumers may be growing more price conscious as inflation picks up.

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In a town hall meeting Tuesday, Fed Chair Jerome Powell flagged that the pandemic is “still casting a shadow on economic activity” but didn’t discuss the outlook for monetary policy or make specific comment on growth and the risks from the delta variant.

Crude oil held losses, pressured by the recent climb in the dollar and signs of an uneven U.S. recovery. Bitcoin was trading around $45,000.

Here are some events to watch this week:

FOMC minutes released WednesdayBank Indonesia rate decision and Governor Perry Warjiyo briefing Thursday

For more market analysis read our MLIV blog.

Some of the main moves in markets:

Stocks

S&P 500 futures were steady as of 11:12 a.m. in Tokyo. The S&P 500 fell 0.7%Nasdaq 100 futures retreated 0.1%. The Nasdaq 100 fell 0.9%Japan’s Topix index added 0.4%Australia’s S&P/ASX 200 Index was steadySouth Korea’s Kospi index increased 0.4%Hong Kong’s Hang Seng Index rose 0.7%China’s Shanghai Composite Index pushed up 0.3%

Currencies

The Japanese yen traded at 109.53 per dollarThe offshore yuan was at 6.4864 per dollarThe Bloomberg Dollar Spot Index slipped 0.1%The euro was at $1.1717

Bonds

The yield on 10-year Treasuries was little changed at 1.26%Australia’s 10-year bond yield was at 1.13%

Commodities

West Texas Intermediate crude was at $66.49 a barrelGold was at $1,788.88 an ounce

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