(Bloomberg) -- Stocks in Asia looked primed for gains following an advance in U.S. equities, with investors taking solace from a raft of earnings that provided some optimism against a background of concern for global economic growth.

Equity futures in Japan, Hong Kong and Australia advanced. The S&P 500 earlier added 0.3% and closed above the 3,000 level. Caterpillar Inc. climbed as traders welcomed its move to cut production and an exchange-fund tracking technology shares rose as revenue at Microsoft Corp. beat forecasts. Treasuries yields rose off the lows of the session, while the dollar traded flat. Oil surged.

While not a uniformly positive picture, earnings season is dampening some fears that corporate outlooks are souring. About 80% of companies on the S&P 500 have topped expectations for profits, though Texas Instruments and Caterpillar both showed how uncertainty stemming from trade tensions and global economic weakness are making customers nervous. U.S. Vice President Mike Pence is due to deliver a speech on China on Thursday.

“People were bracing for the worst” for this reporting season, Yana Barton, fund manager at Eaton Vance Management Inc., told Bloomberg TV. “So far we’re coming in a little bit better.”

Elsewhere, oil climbed after a U.S. government report showed a surprise drop in crude supplies. Turkey’s lira rallied after President Donald Trump said he’s lifting recently imposed sanctions as the country complied with a cease-fire agreement.

Here are some key events coming up this week:

  • Earnings season is in full swing with companies reporting including: Amazon.com, Daimler and Kia Motors.
  • Thursday brings monetary policy decisions from the European Central Bank and Bank Indonesia.
  • U.S. factory orders for business equipment will provide a look into the strength of capital investment in September. The figures will show to what extent the latest tranche of tariffs on China and others is impacting investing decisions.

These are some of the main moves in markets:

Stocks

  • The S&P 500 Index increased 0.3%.
  • Futures on Japan’s Nikkei 225 advanced 0.7%.
  • Hang Seng Index futures earlier gained 0.4%.
  • Futures on Australia’s S&P/ASX 200 Index rose 0.5%.

Currencies

  • The yen was at 108.69 per dollar.
  • The offshore yuan was at 7.0607 per dollar.
  • The Bloomberg Dollar Spot Index was little changed.
  • The euro bought $1.1131.
  • The British pound was at $1.2918.

Bonds

  • The yield on 10-year Treasuries remained at 1.76%.

Commodities

  • West Texas Intermediate crude climbed 2.6% to $55.88 a barrel.
  • Gold added 0.3% to $1,491.99 an ounce.

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, Andreea Papuc

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