(Bloomberg) — Asian stocks opened lower following data that showed signs of slack in China and news that US President Joe Biden plans to raise tariffs on some goods from the world’s second-largest economy.

Most Read from Bloomberg

Equity benchmarks in Australia and Japan declined, as did Hong Kong futures. US contracts also edged lower after the S&P 500 struggled to gain traction late last week as consumer sentiment declined to a six-month low and short-term inflation expectations picked up. The dollar rose against most of its Group-of-10 peers.

Biden is set to double, triple and quadruple tariffs on some of China goods this week, people familiar with the matter said. The total tariff on the Asian country’s electric vehicles will rise to 102.5% from 27.5%, the people said, speaking on condition of anonymity. Chinese industrial prices extended a long decline and credit shrank for the first time in April as government bond sales slowed, data published on the weekend showed.

“It is a concern, but there is no need to panic,” said Larry Hu, an economist at Macquarie Group. “The big miss in credit data in April is largely due to technical reasons which are transitory, rather than to a sharp deterioration in the underlying economy.”

Global investors are keenly scrutinizing comments by US officials for signs of how long the Federal Reserve will keep interest rates at elevated levels. Fed Bank of Dallas President Lorie Logan said last week it’s still too early to think about lowering borrowing costs, while Governor Michelle Bowman said she doesn’t expect it will be appropriate for the Fed to cut rates in 2024.

The US April inflation print on Wednesday is expected to provide the next major catalyst for trading.

“As long as the labor market remains tight, consumer resilience could continue to dampen hopes of inflation cooling off,” said Subadra Rajappa, head of US rates strategy at Societe Generale in New York. “A resumption of the disinflationary trend is imperative for the Fed to consider cutting this year.”

Read more: High-Risk Options Bet on Bond Rally at Risk of Losing Millions

Commodities such as gold and oil will also be in focus Monday after President Vladimir Putin replaced his long-serving defense minister in a surprise move as Russian forces seek to capitalize on a battlefield advantage and make advances in the war against Ukraine. The move comes just days before Putin plans to visit China and NATO military chiefs meet in Brussels. Oil edged lower in early trading while gold was little changed.

Story continues

Meantime, the US escalated its concern over Israel’s conduct of its Gaza offensive, warning the Jewish state risks fueling a Hamas insurgency. US Secretary of State Antony Blinken said the Biden administration still hadn’t seen a “credible” Israeli plan for shielding civilians in an assault on Rafah nor a postwar plan.

The dollar and Swiss franc, seen as haven currencies in times of rising geopolitical tensions, were little changed in early Asia trading.

Elsewhere this week, China delivers a policy rate decision, the Eurozone is set to report inflation and growth figures while a swath of Fed officials are due to speak including Powell. Australian jobs data is due and the nation’s government will deliver its spending plans for the year ahead.

Some key events this week:

• Australia business confidence, Monday

• New Zealand food prices, inflation expectations, Monday

• India trade, CPI, Monday

• Euro-area finance ministers meet in Brussels, Monday

• Australia 2024-25 budget, Tuesday

• Japan PPI, Tuesday

• Germany CPI, ZEW survey expectations, Tuesday

• UK jobless claims, unemployment, Tuesday

• US PPI, Tuesday

• Fed Chair Jerome Powell and ECB Governing Council member Klaas Knot speak, Tuesday

• China rate decision, Wednesday

• Eurozone industrial production, GDP, Wednesday

• US CPI, retail sales, business inventories, empire manufacturing, Wednesday

• Australia unemployment, Thursday

• Japan GDP, industrial production, Thursday

• China property prices, retail sales, industrial production, Friday

• Eurozone CPI, Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures were little changed as of 9:12 a.m. Tokyo time

• Hang Seng futures fell 0.2%

• Japan’s Topix fell 0.2%

• Australia’s S&P/ASX 200 fell 0.1%

• Euro Stoxx 50 futures rose 0.6%

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro was unchanged at $1.0771

• The Japanese yen was little changed at 155.88 per dollar

• The offshore yuan was little changed at 7.2354 per dollar

Cryptocurrencies

• Bitcoin rose 0.4% to $61,545.31

• Ether rose 0.4% to $2,933.29

Bonds

Commodities

This story was produced with the assistance of Bloomberg Automation.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.