Asian stocks swung between gains and losses, with sentiment influenced by poor Chinese data and optimism over reports the country will start selling ultra-long bonds.

Hong Kong’s equity benchmark climbed to the highest since August, and mainland China equities also rose. But shares in South Korea, Japan and Australia fell. China’s 1 trillion yuan ($138 billion) special bond issuance program will began Friday and eventually include 20-, 30- and 50-year debt. European stock futures were little changed.

News of the China planned debt issuance boosted sentiment after weak data from the country published over the weekend had led to initial Asian stock losses. The specter of further US-China trade tensions also weighed on equities with a report on how much President Biden is set to increase tariffs on Chinese electric vehicles.

“You are looking at a slightly muddied growth outlook” for China, Sonal Desai, chief investment officer at Franklin Templeton, said in an interview on Bloomberg Television. Regardless of who gets elected in the US presidential election in November, we are going to see an escalation of US-China trade tensions, he said.

Bloomberg’s dollar index and the euro were both little changed. Japanese bonds fell after the central bank offered to purchase a smaller amount of government debt than at a previous auction. The 30-year yield rose to its highest since 2011.

Potential major catalysts for markets this week include a policy rate decision from China on Wednesday and a US April inflation print the same day.

Investors will also continue to scrutinize comments from US officials for signs of how long the Federal Reserve will keep interest rates at elevated levels. Fed Bank of Dallas President Lorie Logan said last week it’s still too early to think about lowering borrowing costs, while Governor Michelle Bowman said she doesn’t expect it will be appropriate for the Fed to cut rates in 2024.

The weak Chinese data weighed on oil Monday, with commodity traders also looking ahead to an OPEC+ meeting on supply policy.

Iraqi Oil Minister Hayyan Abdul Ghani initially said at the weekend that Baghdad had cut production enough and wouldn’t agree to more. But later, he said that any decision was a matter for OPEC, and it would stick to whatever the group decided. OPEC+ meets June 1.

Elsewhere this week, the euro area is set to report inflation and growth figures while a swath of Federal Reserve officials are due to speak including Chair Jerome Powell.

Some key events this week:

Australia business confidence, Monday

New Zealand food prices, inflation expectations, Monday

India trade, CPI, Monday

Euro-area finance ministers meet in Brussels, Monday

Australia 2024-25 budget, Tuesday

Japan PPI, Tuesday

Germany CPI, ZEW survey expectations, Tuesday

UK jobless claims, unemployment, Tuesday

US PPI, Tuesday

Fed Chair Jerome Powell and ECB Governing Council member Klaas Knot speak, Tuesday

China rate decision, Wednesday

Eurozone industrial production, GDP, Wednesday

US CPI, retail sales, business inventories, empire manufacturing, Wednesday

Australia unemployment, Thursday

Japan GDP, industrial production, Thursday

China property prices, retail sales, industrial production, Friday

Eurozone CPI, Friday

Stocks

S&P 500 futures were little changed as of 6:36 a.m. London time

Nasdaq 100 futures rose 0.2%

Futures on the Dow Jones Industrial Average were little changed

The MSCI Asia Pacific Index was little changed

The MSCI Emerging Markets Index rose 0.2%

S&P 500 futures were little changed

Nikkei 225 futures (OSE) fell 0.3%

Japan’s Topix fell 0.2%

Australia’s S&P/ASX 200 fell 0.1%

Hong Kong’s Hang Seng rose 0.7%

The Shanghai Composite was little changed

Euro Stoxx 50 futures were little changed

Currencies

The Bloomberg Dollar Spot Index was little changed

The euro was little changed at $1.0774

The Japanese yen was unchanged at 155.78 per dollar

The offshore yuan was little changed at 7.2409 per dollar

The British pound was little changed at $1.2531

Cryptocurrencies

Bitcoin fell 0.5% to $60,959.31

Ether fell 1.3% to $2,885.17

Bonds

The yield on 10-year Treasuries was little changed at 4.49%

Germany’s 10-year yield advanced two basis points to 2.52%

Britain’s 10-year yield advanced two basis points to 4.17%

Australia’s 10-year yield advanced two basis points to 4.34%

Commodities

Spot gold fell 0.3% to $2,352.52 an ounce

West Texas Intermediate crude fell 0.3% to $77.99 a barrel

Spot gold fell 0.3% to $2,352.52 an ounce

This story was produced with the assistance of Bloomberg Automation.