SYDNEY (May 15): Asian stocks were poised to track a rebound in U.S. equities as President Donald Trump said he had an ongoing dialogue with China, assuaging some concern about the deteriorating trade war.

Futures pointed higher for stocks in Japan, Hong Kong and Australia. U.S. equities rebounded Tuesday from their worst sell-off in four months, while Treasuries, gold and the yen declined. The offshore yuan -- a key risk indicator due to concern China will use it to retaliate against U.S. tariffs --
stabilized after a six-day decline. West Texas crude remained above $61 a barrel.

Traders are gauging whether signs of rekindled investor appetite for risky assets will stick. The rally remains fragile as the White House announced it was preparing tariffs on the remaining $300 billion of Chinese imports, and economists warned the new penalties will eventually weigh heavily on the American economy.

In new developments, Trump called on the Federal Reserve to “match” what he said China would do to offset economic hardship being caused by tariffs. That comes as he prepares to meet his Chinese counterpart, Xi Jinping, at next month’s G-20 summit, an encounter that could prove pivotal in a deepening clash over trade.

“It’s just too early to tell if this is a buy, on slightly oversold conditions, or if it’s the start of stabilization,” Gina Martin Adams, chief equity strategist at Bloomberg Intelligence, told Bloomberg TV in Hong Kong. “Our working thesis is that we’re going to be in for a period of volatility for most the next month as we await the G-20 meeting.”

Here are some notable events coming up this week:

* Earnings this week include Alibaba, Tencent, Cisco, Nvidia.

* China industrial production and retail sales are slated for Wednesday, the same day as U.S. retail sales and industrial production.

* Bank of Indonesia has an interest rate decision on Thursday.

* Australian unemployment is out on Thursday.

And here are the main market moves:

Stocks

* Futures on Japan’s Nikkei 225 rose 0.7% in Singapore. 

* Hang Seng Index futures were up 0.3%. 

* Futures on the S&P 500 Index added 0.1%. The underlying gauge rose 0.8% Tuesday.

Currencies

* The yen was at 109.65 per dollar after falling 0.3%. 

* The offshore yuan held at 6.9043 per dollar. 

* The Bloomberg Dollar Spot Index gained 0.1%.

* The euro bought $1.1207, little changed.

Bonds

* The yield on 10-year Treasuries rose one basis point to 2.41%.

* Australia’s 10-year bond yield remained at 1.70%. 

Commodities

* West Texas Intermediate crude fell 0.8% to $61.28 a barrel.

* Gold was steady at $1,296.82 an ounce.