(Bloomberg) -- Stocks in Asia were mixed, while US equity futures fell as investors prepare for a busy week of economic data that will help illuminate the path forward for interest rates.

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Shares rose in Japan, but declined in Hong Kong, South Korea and Australia. Contracts for the S&P 500 and the Nasdaq 100 were both down about 0.2% following a muted end to trading last week.

“Signs that there will be no major downturn in the economy is likely to support Japanese stocks that are sensitive to the economy,” said Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Institute.

The Bloomberg dollar index was little changed while the yen pared earlier gains. New Bank of Japan Governor Kazuo Ueda will hold his first policy meeting later this week. The central bank is planning to review and inspect policies taken over the past decades as soon as this week’s meeting, Sankei newspaper reported Sunday.

Swaps markets continue to see the Federal Reserve’s interest rates peaking in coming weeks before a series of cuts later this year. Those forecasts may shift rapidly this week.

US GDP data is forecast to reveal slowing growth, while the so-called core PCE deflator, the Fed’s preferred inflation gauge, is expected to show a cooling in prices growth. The central bank’s favored wages gauge is projected to show worker pay accelerated, according to forecasts from Bloomberg Economics.

Treasuries edged higher in Asia, while Australian bonds fell. US two-year yields, which are more sensitive to the outlook for Fed policy than longer maturities, climbed eight basis points last week.

“The thought that the Fed is going to aggressively cut into year-end is misleading,” said Kim Strand, head of fundamental research and ESG integration for Franklin Templeton Investment Solutions, speaking on Bloomberg Television. “We believe what the Fed is saying: that it will hike and stay there until you see these areas of inflation coming down.”

A global gauge of cross-asset volatility remained near the lowest since February 2022, while other volatility gauges, such as the VIX Index and the ICE BofA MOVE Index, are also well below recent highs.

The situation may not last. Volatility is likely to pick up due to the lack of clarity after the Fed’s May meeting, said Priya Misra, global head of rates strategy at TD Securities in New York. “There’s enough uncertainty on the economic outlook as well as how the Fed might respond,” she said on Bloomberg Radio.

Elsewhere this week, the euro-area will publish GDP data and there will be a policy decision in Sweden.

A busy week for earnings will include banks Credit Suisse Group AG and UBS Group AG, First Republic Bank and First Citizens Bank, the acquirer of Silicon Valley Bank. Tech companies will also be in the spotlight with those to report including Microsoft Corp., Meta Platforms Inc. and Amazon.com Inc.

In commodities, oil extended its drop following last week’s decline and gold steadied.

Key events this week:

• ECB Governing Council members Boris Vujcic, Francois Villeroy de Galhau, speak at events, Monday

• US new home sales, consumer confidence, Tuesday

• South Korea GDP, Tuesday

• Australia CPI, Wednesday

• Sweden rate decision, Wednesday

• Eurozone economic, consumer confidence, Thursday

• US initial jobless claims, GDP, Thursday

• Bank of Japan meets on interest rates, Friday

• Euro-area GDP, Friday

• US personal income, Friday

Earnings highlights:

• Monday: Credit Suisse, Coca-Cola, First Republic

• Tuesday: Pepsi, General Motors, General Electric, McDonalds, Microsoft, UBS, UPS

• Wednesday: Boeing, Meta, Hilton

• Thursday: Amazon, American Airlines, Intel, Mastercard, Southwest Airlines, Hershey, Honeywell, Barclays

• Friday: First Citizens Bank, acquirer of Silicon Valley Bank

Some of the main moves in markets:

Stocks

• S&P 500 futures fell 0.2% as of 10:27 a.m. Tokyo time. The S&P 500 rose 0.1% Friday

• Nasdaq 100 futures fell 0.3%. The Nasdaq 100 rose 0.1%

• Japan’s Topix index rose 0.3%

• Hong Kong’s Hang Seng Index fell 0.1%

• China’s Shanghai Composite Index was little changed

• Australia’s S&P/ASX 200 Index was little changed

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro was little changed at $1.0994

• The Japanese yen rose 0.1% to 134.01 per dollar

• The offshore yuan was little changed at 6.8917 per dollar

• The Australian dollar was little changed at $0.6694

Cryptocurrencies

• Bitcoin rose 1.2% to $27,837.61

• Ether rose 1.6% to $1,877.83

Bonds

• The yield on 10-year Treasuries declined one basis point to 3.56%

• Japan’s 10-year yield advanced 0.5 basis point to 0.465%

• Australia’s 10-year yield advanced one basis point to 3.47%

Commodities

• West Texas Intermediate crude fell 0.5% to $77.47 a barrel

• Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Aya Wagatsuma and Daisuke Sakai.

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