Further moves by the U.S. against China’s tech champion Huawei Technologies Co. had little immediate impact on markets Monday. The pound recovered losses to trade flat, having dipped earlier after a Bank of England official said the central bank is examining a range of unconventional policy tools, including negative interest rates.

While a number of European countries continue to report the lowest number of daily deaths since March, economic data are still painting a stark picture of the recent damage from the coronavirus. The U.S. Friday reported record slumps in U.S. retail sales and factory output. Japan’s economy shrank at a 3.4% annual pace in the first quarter, tipping the world’s number three economy into a textbook recession before the current quarter.

“With the worst of the pandemic likely behind us, central bank supported equity markets are unlikely to re-test their lows,” said Seema Shah, chief strategist at Principal Global Investors. “Yet, while reopening momentum may well carry risk assets a bit higher over the near term, the tepid economic recovery and deep uncertainty over the virus outlook argue against a pivot to more risk-on positioning.”

Federal Reserve Chairman Jerome Powell said the U.S. economy will recover from the coronavirus pandemic, but the process could stretch through until the end of next year and depend on the delivery of a vaccine. He also said that while the recovery may take a while, the Fed has more ammunition if needed.

These are the main moves in markets:

Stocks

• Futures on the S&P 500 rose 1.2% as of 11:40 a.m. in Tokyo. The S&P 500 rose 0.4% on Friday.
• Japan’s Topix Index added 0.4%.
• Hong Kong’s Hang Seng gained 0.3%.
• Shanghai Composite added 0.4%.
• Australia’s S&P/ASX 200 Index rose 1.3%.
• Kospi Index advanced 0.6%.
• Euro Stoxx 50 futures gained 1.9%.

Currencies

• The yen dipped 0.1% to 107.11 per dollar.
• The offshore yuan edged up 0.2% to 7.1208 per dollar.
• The euro bought $1.0825, little changed.
• The pound was at $1.211, recouping earlier losses.
• The Aussie gained 0.5% to 64.47 U.S. cents.

Bonds

• The yield on 10-year Treasuries was little changed at 0.64%.
• Australia’s 10-year yield gained one basis point to 0.92%.

Commodities

• West Texas Intermediate crude gained 4.3% to $30.68 a barrel.
• Gold was at $1,761.52 an ounce, up 1%.