SYDNEY (May 23): Asian stocks looked set for modest declines after U.S. equities slipped and Treasuries climbed amid ongoing trade-war tensions. The dollar steadied after Federal Reserve minutes reiterated its patient stance on policy.

Futures in Japan, Hong Kong and Australia retreated. Earlier, tech shares dragged the S&P 500 Index lower as the U.S. considered cutting off the flow of vital American technology to five Chinese companies. The Fed minutes put a damper on prospects for lower rates this year, weighing slightly on equity markets as fed funds futures showed a dip in the odds for a rate cut. Australian government bond yields plumbed fresh all-time lows. Crude oil tumbled after inventory data reignited supply concerns.

“Markets are expecting something to happen around the G-20,” Steven Englander, global head of FX research at Standard Chartered, told Bloomberg TV in New York. “There is still the expectation that there is going to be a deal, even if it’s not a terribly friendly deal.”

Fed officials judged that their patient approach to interest-rate changes would be appropriate “for some time.” That’s facing a challenge from trade frictions that threaten to derail global economic growth, and the lack of faith in a speedy resolution to the conflict led Bank of America to cut its forecast for Treasury yields. Steven Mnuchin told lawmakers he doesn’t have a visit to Beijing planned, but confirmed Presidents Donald Trump and Xi Jinping will still probably meet in late June.

Meantime, the pound fell, with Theresa May’s premiership hanging by a thread as a high-profile Cabinet minister quit and a growing revolt over Brexit looked set to force the British leader from power. Indian assets will be in focus as results of its six-week election will be counted Thursday, with the tally due for completion by day’s end.

Here are some other notable events coming up:

* The European Parliament holds continent-wide elections May 23-26.

* On Thursday, the European Central Bank publishes its account of the April monetary policy decision.

And these are the main moves in markets:

Stocks

* Futures on Japan’s Nikkei 225 fell 0.3% in Singapore. 

* Contracts on the Hang Seng Index earlier slid 0.3%. 

* Futures on Australia’s S&P/ASX 200 Index dipped 0.2%. 

* Futures on the S&P 500 Index slid 0.1%. The underlying gauge fell 0.3% Wednesday.

Currencies

* The yen rose 0.1% to 110.28 per dollar. 

* The offshore yuan was at 6.9353 per dollar. 

* The Bloomberg Dollar Spot Index ticked higher.

* The euro bought $1.1155, little changed.

* The British pound was flat at $1.2665.

Bonds

* The yield on 10-year Treasuries fell five basis points to 2.38%.

* Australian 10-year bond yields dropped about four basis points to 1.59%. 

Commodities

* West Texas Intermediate crude sank 0.1% to $61.39 a barrel.

* Gold gained 0.1% to $1,273.94 an ounce.