Reports that Chinese authorities encouraged banks to trim U.S. Treasury exposure added pressure, while delayed U.S. jobs and inflation data later this week are set to shape expectations around the Federal Reserve. The yen strengthened on renewed intervention chatter, leaving the dollar broadly weaker.

Wall Street futures were steady after a strong start to the week that lifted the Dow to a fresh record. The S&P 500 and Nasdaq held their gains, driven by technology shares as concerns around AI spending eased. 

Equities pushed higher in Asia, tracking the rebound in U.S. tech. The MSCI Asia Pacific Index rose 1.3%, with sharp gains in SoftBank and Taiwan Semiconductor. Japan’s Nikkei 225 climbed 2.8% to a record following the election, while the yuan touched its strongest level since 2023 after steps to limit Treasury exposure.

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