(Bloomberg) -- Stocks in Asia looked set to drift Tuesday with little direction from the U.S. with markets on holiday and a mixed session in Europe. The dollar steadied while the yen ticked lower.

Futures in the region were little changed with global trade remaining foremost in investors’ minds. The European Union vowed prompt retaliation if the U.S. imposes tariffs on imported vehicles, as trans-Atlantic trade tensions showed no signs of easing. European shares edged higher. A gauge of commodities climbed the most since December, with WTI oil futures rising to around $56 a barrel. The euro strengthened despite dovish comments from a European Central Bank governing council member.

Trade continues to dominate global markets as the U.S. and China race to reach a deal that would avert a tariff increase on Chinese goods by March 1, a deadline President Trump has said he may extend. With Trump receiving the findings of a probe into whether imported vehicles pose a national security threat, the possibility of auto tariffs has been revived. Trump has 90 days after officially receiving the report to decide whether to act

Investors may also get further guidance on U.S. monetary policy this week. Minutes from the Federal Reserve’s most recent meeting will likely show how much conviction there was among policy makers to suspend their interest-rate hiking campaign.

Elsewhere, the pound strengthened after seven members of the U.K. Parliament said they’ll stand as independents after quitting the main opposition Labour Party over issues including Brexit and antisemitism.

Here are some key events coming up:

  • The Federal Reserve will on Wednesday publish minutes from its recent meeting.
  • Bank of Canada Governor Stephen Poloz speaks on Thursday; ECB President Mario Draghi speaks on Friday, the same day Reserve Bank of Australia Governor Philip Lowe gives parliamentary testimony.
  • Australia’s central bank releases meeting minutes on Tuesday.
  • Indonesia rate decision is due Thursday.

These are the main moves in markets:

Stocks

  • Nikkei 225 futures fell 0.2 percent in Singapore.
  • Hang Seng futures were little changed.
  • S&P/ASX 200 futures were little changed
  • The Stoxx Europe 600 Index gained 0.2 percent to the highest in almost 19 weeks.
  • S&P 500 futures were little changed.

Currencies

  • The Bloomberg Dollar Spot Index declined less than 0.05 percent.
  • The euro climbed 0.1 percent to $1.1312.
  • The British pound jumped 0.3 percent to $1.2926.
  • The MSCI Emerging Markets Currency Index climbed 0.1 percent to 1,637.89.

Bonds

  • Germany’s 10-year yield advanced one basis point to 0.11 percent.

Commodities

  • The Bloomberg Commodity Index gained 1.2 percent to 80.96.
  • West Texas Intermediate crude advanced 0.8 percent to $56.06 a barrel, hitting the highest in three months.

To contact the reporter on this story: Cormac Mullen in Tokyo at cmullen9@bloomberg.net

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

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