Asian stocks rose Tuesday amid a jump in some technology firms and as investors evaluated China’s efforts to stamp out a Covid outbreak.

An Asian-Pacific share index rose for a third session, helped by Chinese tech companies. US and European futures bounced back after a Wall Street drop.

Shanghai reported three days of zero community transmission, a milestone that could lead officials to start unwinding a growth-sapping lockdown.

A challenging global economic outlook amid elevated food and fuel costs and tightening monetary settings also continues to shape sentiment. Oil has jumped to about $114 a barrel and an index of agricultural prices is at a record high.

Treasury yields edged up and a dollar gauge fell. Cryptocurrencies weathered the latest stablecoin turbulence, leaving Bitcoin hovering around $30,000.

US data Monday showed New York state manufacturing activity unexpectedly shrank in May for the second time in three months. That followed Chinese figures revealing a collapse in economic activity due to Covid-linked curbs.

The economic reports have fanned concerns of a downturn in the global economy alongside persistent price pressures that are forcing the Federal Reserve and a slew of other central banks to tighten monetary policy.

“With inflation showing little sign of letting up, the Fed is under pressure to accelerate the pace of tightening,” Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, said in a note. Taken together with the impact of Russia’s war in Ukraine and China’s Covid struggles, this backdrop “suggests global growth may be decelerating more quickly than forecast.”

New York Fed President John Williams downplayed deteriorating liquidity conditions in financial markets, saying it was to be expected given rising volatility as investors grapple with uncertainty over global events and shifting U.S. monetary policy.

Elsewhere, Twitter Inc. shares fell Monday after Elon Musk stoked speculation that he could seek to renegotiate his takeover, saying a viable deal at a lower price wouldn’t be “out of the question.”

What to watch this week:

• Fed Chair Jerome Powell among slate of Fed speakers Tuesday
• Reserve Bank of Australia releases minutes of its May policy meeting Tuesday
• G-7 finance ministers and central bankers meeting Wednesday
• Eurozone, UK CPI Wednesday
• Philadelphia Fed President Patrick Harker speaks Wednesday
• China loan prime rates Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.4% as of 10:50 a.m. in Tokyo. The S&P 500 fell 0.4%
• Nasdaq 100 futures rose 0.7%. The Nasdaq 100 fell 1.2%
• Japan’s Topix index added 0.3%
• Australia’s S&P/ASX 200 index increased 0.4%
• South Korea’s Kospi rose 0.8%
• Hong Kong’s Hang Seng Index gained 1.9%
• China’s Shanghai Composite Index was little changed
• Euro Stoxx 50 futures increased 0.8%

Currencies

• The Bloomberg Dollar Spot Index shed 0.1%
• The euro was at $1.0444, up 0.1%
• The Japanese yen was at 129.29 per dollar, down 0.1%
• The offshore yuan was at 6.7828 per dollar, up 0.2%

Bonds

• The yield on 10-year Treasuries rose one basis point to 2.89%
• Australia’s 10-year bond yield was at 3.39%

Commodities

• West Texas Intermediate crude was at $114.56 a barrel, up 0.3%
• Gold was at $1,826.32 an ounce, up 0.1%