US Futures Advance Amid China Tariff Speculation: Markets Wrap

(Bloomberg) -- Asian stocks look set for a steady start Tuesday as investors evaluate the possible scrapping of some US tariffs on Chinese consumer goods.

Futures rose for Japan and Hong Kong and were little changed for Australia. The Biden administration may announce the rollback of some levies as soon as this week in a bid to counter high inflation.

S&P 500 and Nasdaq 100 contracts fluctuated. European shares climbed Monday, while Wall Street was closed for the Independence Day holiday.

Australia’s dollar was little changed ahead of the central bank’s rate decision. The monetary authority -- among more than 80 to have raised rates this year -- is expected to implement back-to-back half-percentage point interest-rate hikes for the first time ever.

Treasury futures slipped following a retreat in European bonds. A dollar gauge was firm. Crude oil climbed toward $111 a barrel. Bitcoin was in sight of retaking the $20,000 level.

Speculation has intensified that President Joe Biden may reduce Trump-era tariffs on $300 billion in Chinese imports. Policy makers around the world are under pressure to tackle inflation, which has forced interest-rates higher, sapped economic expansion and contributed to steep losses in equities and fixed income this year.