(Bloomberg) — Asian stocks are set to open lower after U.S. futures slipped with traders awaiting key American jobs data later this week to gauge the outlook for inflation. The dollar declined.Futures were down in Japan, Australia and Hong Kong. Contracts on the S&P 500 and Nasdaq declined earlier, with trading limited due to the Memorial Day holiday in the U.S. There was no Treasuries cash trade after the 10-year yield ended just below 1.6% on Friday. The offshore yuan weakened after China forced banks to hold more foreign currencies in reserve for the first time in more than 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 headed for the biggest monthly advance since July and most industrial metals gained.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 that rising price pressures could prompt central banks to withdraw support earlier than anticipated are weighing on investors. Germany’s inflation rate rose to the highest level since October 2018, while Spain and Italy also reported price pick-ups in May.“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 FridayThese are some of the main moves in markets:StocksFutures on the S&P 500 fell 0.3%Futures on the Nasdaq 100 dropped 0.2%Nikkei 225 futures fell 0.1%Australia’s S&P/ASX 200 Index futures fell 0.4%Hang Seng Index futures slipped 0.1%CurrenciesThe yen traded at 109.58 per dollarThe offshore yuan was at 6.3721 per dollar after falling 0.2%The Bloomberg Dollar Spot Index fell 0.2%The euro was at $1.2227BondsU.S. 10-year bond futures were little changedCommoditiesWest Texas Intermediate crude rose 0.9% to $66.91 a barrelGold was at $1,906.76 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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