(Bloomberg) -- Asian stocks looked set to push higher Thursday following gains in U.S. equities as signs of a better-than-expected start to the earnings season countered concerns about rising U.S.-China tensions. The yen retreated and the dollar steadied.

Futures signaled modest gains in equities from Sydney to Shanghai. The S&P 500 Index edged higher, buoyed by strong profits at Goldman Sachs and Bank of America, and the 10-year Treasury yield rose to 2.72 percent. The tech-heavy Nasdaq 100 erased gains after the Wall Street Journal reported U.S. prosecutors are investigating Huawei Technologies for allegedly stealing trade secrets. The pound was steady after Prime Minister Theresa May’s government won a no-confidence vote, as widely expected.

Risk assets remain strong in January as optimism for central bank support overshadows a litany of concerns as the global economy slows. Bank of America’s Chief Financial Officer Paul Donofrio further reassured investors, saying on an earnings call that he’d seen nothing to suggest an economic slowdown is imminent. That’s helping lessen fears of a recession in the U.S. by 2020, with the bond market paring back those expectations.

“The first quarter is all about relief rallies, that things aren’t as bad as what was priced in,” Binky Chadha, a global strategist at Deutsche Bank, told Bloomberg TV in New York.

Elsewhere, oil rose as Russia and Saudi Arabia signaled they’re on track with production cuts designed to avoid a global supply glut.

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Here are some key events coming up:

  • Earnings season rolls on with Morgan Stanley, Netflix and Taiwan Semiconductor posting results.
  • Bank Indonesia will probably hold its benchmark at 6 percent Thursday, according to all economists surveyed by Bloomberg.
  • Bank of Japan Governor Haruhiko Kuroda and Deputy Governor Masayoshi Amamiya speak at a G-20 event in Tokyo.
  • Data on U.S. jobless claims and industrial production are due.

These are the main moves in markets:

Stocks

  • The S&P 500 Index climbed 0.2 percent.
  • Futures on Japan’s Nikkei 225 rose 0.4 percent in Singapore.
  • FTSE China A50 futures gained 0.3 percent.
  • Hang Seng futures added 0.4 percent.

Currencies

  • The yen slid 0.3 percent to 109.01 per dollar.
  • The offshore yuan gained 0.2 percent to 6.7635 per dollar.
  • The Bloomberg Dollar Spot Index edged up 0.1 percent Wednesday.
  • The euro dipped 0.2 percent to $1.1396.
  • The pound added 0.2 percent to $1.2881.

Bonds

  • The yield on 10-year Treasuries climbed one basis point to 2.72 percent.

Commodities

  • West Texas Intermediate crude advanced 0.5 percent to $52.36 a barrel.
  • Gold gained 0.3 percent to $1,293.42 an ounce.

--With assistance from Randall Jensen, Reade Pickert and Jonathan Ferro.

To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen

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