A global equity sell-off ran out of steam in Asia as investors continued to grapple with an escalating exchange of trade and investment restrictions, triggered by the Trump administration. Treasury yields edged higher for the first time in four sessions.

A slide in shares from Sydney to Hong Kong stalled, with Japanese shares reversing declines even as the yen advanced, as gains in banks offset losses in technology and telecom stocks. Chinese equities were set to enter a bear market amid concerns about the country’s ability to fight a trade war. European futures tipped a firmer open and U.S. equivalents rose, while the dollar pared recent losses. Traders are now girding for a U.S. Treasury release on planned restrictions in technology investment.

The let-up in the rout that saw the S&P 500 Index tumble the most since April on Monday

came as White House trade adviser Peter Navarro sought to ease investor concerns about U.S. trade policy. Evidence is starting to come in that the trade tensions are affecting business decisions. Harley-Davidson Inc. said Monday it would shift some production out of the U.S. in order to mitigate the impact of European Union tariffs targeting its motorcycles. and Daimler AG last week blamed its profit warning on a potential China import-levy increase.

“It’s taken a long time for the markets to feel like the trade commentary that’s been coming, particularly out of the U.S., had some meaning and so what we are seeing investors doing is finally taking a look at this and saying something might actually happen,” Sheila Patel, chief executive officer of Goldman Sachs Asset Management’s international division, said in a Bloomberg Television interview. “We’ve turned more cautious as have our investors.”

Elsewhere, oil ticked higher on speculation that America faces a supply crunch while uncertainty lingered over OPEC’s planned output boost.

These are key events coming up this week:

German Chancellor Angela Merkel holds private talks with leaders of the other parties in her coalition government on refugee policy and euro-area reforms in Berlin Tuesday.

New Zealand and Indonesia monetary policy decisions on Thursday.

U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.

China manufacturing and non-manufacturing PMI are due on Saturday.

Here are the main market moves.

Stocks

Japan’s Topix index gained 0.2 percent at the 3 p.m. close in Tokyo, after dropping as much as 1 percent.

Australia’s S&P/ASX 200 Index lost 0.3 percent.

Kospi index was little changed.

Hong Kong’s Hang Seng index trimmed losses of as much as 1.6 percent.

Shanghai Composite Index fell 0.6 percent.

S&P 500 futures rose 0.2 percent. The S&P 500 Index fell 1.4 percent, its biggest drop since April 6.

The MSCI Asia Pacific Index was flat.

Futures on the FTSE 100 gained 0.2 percent as of 7:06 a.m. in London.

Currencies

The Bloomberg Dollar Spot Index fell 0.1 percent.

The yen gained 0.2 percent to 109.58 per dollar, near the middle of its trading range since the start of last month.

The euro bought $1.1707.

The pound traded at $1.3282.

Bonds

The yield on 10-year Treasuries rose about one basis point to 2.89 percent.

Australia’s 10-year bond yield added one basis point to 2.64 percent.

Commodities

West Texas Intermediate crude rose 0.2 percent to $68.24 a barrel.

Gold slipped 0.1 percent to $1,264.30 an ounce.

LME copper fell 0.4 percent $6,729 a metric ton.

Source: Bloomberg