(Bloomberg) — Asian stocks wavered Wednesday as a rebound in Chinese technology stocks stalled and traders weighed the resilience of the economic recovery to the fast-spreading delta virus strain. The dollar edged higher.

A Hong Kong gauge of Chinese tech names turned lower amid lingering concerns about Beijing’s crackdown on private industries, while MSCI Inc.’s wider Asia-Pacific index was little changed. U.S. and European futures fluctuated in the wake of all-time highs for the S&P 500 and the Nasdaq 100.

The U.S. 10-year Treasury yield held a climb. The House adopted a $3.5 trillion budget resolution overnight, moving forward President Joe Biden’s plans for substantial spending. China’s 10-year bond yield slipped amid a short-term cash injection by the central bank.

In commodities, oil retreated after the biggest two-day gain since November with Covid-19 still shadowing assessments of the demand outlook.

Company earnings, expanding vaccinations and support from monetary policy have partially repaired sentiment after a bout of jitters over economic prospects caused by the delta strain. The next key read on the central bank outlook is due later this week when Federal Reserve Chairman Jerome Powell speaks at the Jackson Hole symposium.

“When you look at how investors are positioned, they are all very bullish,” Simon Doyle, head of fixed income and multi-asset at Schroders, said on a webinar. “The market is expensive and investors are all confident, which is something you need to worry a bit about.”

U.S.-China tension is back in focus. Securities and Exchange Commission Chair Gary Gensler pledged to enforce a three-year deadline for U.S.-listed Chinese firms to permit inspections of their financial audits or face delisting.

Meanwhile, a group of Wall Street veterans and high-level Chinese officials are seeking to open up talks again, as business leaders work outside of the Biden administration for greater access to the world’s most populous country.

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Here are some events to watch this week:

Bank of Korea policy decision; briefing by Governor Lee Ju-yeol ThursdayFed officials attend the Jackson Hole Economic Policy Symposium from Thursday through SaturdayU.S. GDP, initial jobless claims ThursdayJuly U.S. personal income and spending data Friday. Investors will scrutinize the personal consumption expenditures price index, an inflation measure closely watched by the Fed.

For more market analysis read our MLIV blog.

Some of the main moves in markets:


S&P 500 futures fell 0.1% as of 1:53 p.m. in Tokyo. The S&P 500 rose 0.2%Nasdaq 100 futures were little changed. The Nasdaq 100 added 0.3%Japan’s Topix index rose 0.1%Australia’s S&P/ASX 200 Index gained 0.1%South Korea’s Kospi index fell 0.1%Hong Kong’s Hang Seng Index dropped 0.4%China’s Shanghai Composite index added 0.3%Euro Stoxx 50 futures declined 0.1%


The Japanese yen was at 109.76 per dollarThe offshore yuan traded at 6.4758 per dollarThe Bloomberg Dollar Spot Index rose 0.1%The euro was at $1.1740


The yield on 10-year Treasuries was at 1.29%Australia’s 10-year government bond yield rose one basis points to 1.16%


West Texas Intermediate crude was at $67.14 a barrel, down 0.6%Gold was at $1,793.73 an ounce, falling 0.5%

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