(Bloomberg) — Asian stocks looked set for a mixed start Friday at the end of a week in which Treasury yields and the dollar jumped amid bets on faster Federal Reserve policy tightening as the pandemic recovery stokes inflation.

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Equity futures slipped for Japan and Hong Kong and Australia’s were steady, following a climb in European shares despite worsening Covid-19 trends. U.S. markets were closed Thursday for Thanksgiving and will have a shortened session Friday, which may narrow trading volumes.

Solid U.S. economic data and the latest Fed commentary on price pressures have spurred expectations of a quicker exit from ultra-loose monetary settings. A gauge of the dollar is around a 16-month high, while the yield on two-year U.S. Treasuries is set for the biggest weekly gain since 2019.

Crude oil slipped as traders weigh up a planned coordinated release of reserves by consuming nations against the prospect of OPEC+ holding back supply in retaliation. Gold continues to struggle. Bitcoin pushed toward $59,000.

Global shares have climbed about 16% this year after investors poured almost $900 billion into equity exchange-traded and long-only funds in 2021 — exceeding the combined total from the past 19 years. But concerns are growing that a mix of tighter monetary policy, virus flareups and a slowdown in Chinese growth could dent the bull run.

Goldman Sachs Group Inc. economists said they expect the Fed to tighten policy faster than previously anticipated, including doubling the pace at which it tapers bond purchases to $30 billion a month from January. They see an interest-rate liftoff from near zero in June.

“The increased openness to accelerating the taper pace likely reflects both somewhat higher-than-expected inflation over the last two months and greater comfort among Fed officials that a faster pace would not shock financial markets,” the Goldman team led by Jan Hatzius wrote in a note.

In China, the economy continued to slow in November with car and homes sales dropping again as a housing market crisis dragged on, according to Bloomberg’s aggregate index of eight early indicators.

Meanwhile, scientists in South Africa are studying a recently identified new coronavirus variant of concern, fueling fears the country may face a potentially severe fourth wave that could spread internationally. The U.K. will temporarily ban flights from South Africa and five other African countries over worries about the new, dramatically different strain.

For more market analysis, read our MLIV blog.

Here are some key events this week:

Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday

Some of the main moves in markets:

Stocks

The S&P 500 rose 0.2% on Wednesday

The Nasdaq 100 rose 0.4% on Wednesday

Nikkei 225 futures slipped 0.2%

S&P/ASX 200 futures rose 0.1%

Hang Seng futures declined 0.3%

Currencies

The Bloomberg Dollar Spot Index rose 0.1%

The euro was at $1.1209

The Japanese yen was at 115.37 per dollar

The offshore yuan was at 6.3882 per dollar

Bonds

Germany’s 10-year yield declined two basis points to -0.25%

The U.S. 10-year Treasury yield fell three basis points to 1.63% on Wednesday

Commodities

West Texas Intermediate crude fell 0.5% to $78.03 a barrel

Gold was at $1,788.76 an ounce

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