Asian stocks climbed Tuesday on expectations the Federal Reserve will reinforce its dovish message this week and as U.S. stimulus talks got underway. Gold futures touched $2,000 an ounce, while the dollar fell to a 22-month low.

Shares climbed across the region with Korean equities outperforming. Asian tech stocks surged thanks to a continuing rally in Taiwan Semiconductor Manufacturing Co. S&P 500 futures saw modest gains after the benchmark erased last weeks drop Monday, with a rebound in technology stocks overshadowing a slide in banks. Senate Republicans presented a $1 trillion stimulus package amid a renewed increase in Covid-19 cases around the world. Treasuries were steady.

Investors are betting setbacks in the global fight against coronavirus will push Fed Chairman Jerome Powell to signal Wednesday that rates will stay near zero for longer. Health officials around the world are also trying to tackle a renewed increase in cases, with surges from China to Spain and Germany underscoring the difficulty of curbing the pandemic.

The reality is that the Fed has proclaimed that they are going to keep the printing presses rolling, they will print money and it has created this all-you-can eat buffet, said Terri Spath, Sierra Investment Managements chief investment officer. The bottom may be in for the year, but we do expect volatility in the future.

Meanwhile, U.S. lawmakers are continuing efforts toward the country’s next fiscal stimulus. Senate Republicans presented the $1 trillion proposal as a first step toward negotiating a compromise with Democrats, who’ve offered their own $3.5 trillion plan.

Elsewhere, oil ticked higher and silver futures surged.

Here are some key events coming up: Earnings include Apple, Amazon.com, Alphabet, Chevron, Rio Tinto, LOreal, Caterpillar, Samsung, Barclays and Credit Suisse. The Federal Open Market Committee holds its policy meeting on Tuesday, with an announcement due on Wednesday. U.S. second-quarter GDP is expected on Thursday. China PMI data comes Friday. These are some of the main moves in markets:

Stocks

S&P 500 futures rose 0.3% as of 11:13 a.m. in Tokyo. The S&P 500 rose 0.7% Monday. Topix index rose 0.2%. Australia’s S&P/ASX 200 Index climbed 0.7%. South Korea’s Kospi index rose 1.7%. Hong Kong’s Hang Seng Index gained 0.7%. Shanghai Composite Index gained 0.7%. Euro Stoxx 50 futures climbed 0.6%.

Currencies

The yen was little changed at 105.36 per dollar after appreciating 0.7%. The offshore yuan rose 0.1% to 6.9923 per dollar. Bloomberg Dollar Spot Index sank 0.4%, adding to a 0.7% drop Monday. The euro rose 0.1% to $1.1757 after increasing 0.8%.

Bonds

The yield on 10-year Treasuries held at 0.62%. Australia’s 10-year bond yield rose three basis points to 0.92%.

Commodities

West Texas Intermediate crude climbed 0.3% to $41.71 a barrel.

Gold jumped 1.6% to $1,973 an ounce, extending a 2.1% rise Monday.

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