(Bloomberg) -- US stock-index futures climbed in early Asia trading on signs that the next round of President Donald Trump’s trade tariffs could be more measured than had previously been suggested. Asian equity futures pointed to an early loss.

S&P 500 futures rose 0.4% after the cash market closed marginally higher on Friday amid a major options expiry. Australian shares opened lower while equity futures for Japan and mainland China point to losses when markets reopen Monday. The dollar was steady against major peers.

Sentiment is improving as the next round of US tariffs due April 2 is poised to be more targeted than the sprawling, fully global effort Trump has otherwise mused about, according to officials familiar with the matter. Still, traders remain on edge with officials in China and Australia at the weekend warning of widespread shocks to the global economy from US trade policy.

“A high level of angst pervades the markets,” said Kyle Rodda, a senior analyst at Capital.com in Melbourne. “Although trade war uncertainty is capping upside in indices for the time being, the Fed’s tacit assurance that it is willing to support the economy and markets in the event of a slowdown is providing a modest floor under risk assets.”

The S&P 500 closed 0.1% higher on Friday after a massive expiration of options added an extra dose of volatility, with over 21 billion shares changing hands on US exchanges - the most in 2025. The yield on 10-year Treasuries edged higher while the dollar climbed a third day amid angst over US trade policy.

Chinese Premier Li Qiang at the weekend said the country is prepared for “shocks that exceed expectations” from the looming tariff announcement. Ahead of outlining the nation’s spending plan on Tuesday, Australia’s Treasurer Jim Chalmers warned the impact of the new US administration’s policies will have a “seismic” impact on the global economy.

“We expect media leaks about the new tariff regime, and perhaps public comments from President Trump, to support the US dollar this week,” Commonwealth Bank of Australia strategists led by Joseph Capurso wrote in a note to clients. “We judge market participants have not priced enough bad news for the world economy from the upcoming tariff announcements.”

Elsewhere, the Canadian dollar was steady in early trading after Prime Minister Mark Carney called a snap election for April 28, with polls indicating a close contest. Carney also announced late Friday measures to mitigate the economic impact of US tariffs, including temporary deferrals of corporate income tax and consumption tax remittances.

Investors are also bracing for more volatility in Turkish assets after a key opposition politician was formally arrested. The nation’s central bank held a “technical meeting” with commercial lenders on Sunday in preparation for more volatility, while the markets regulator imposed a short selling ban on stocks.

This week, traders will be closing watching activity data in Europe, UK and the US for indications on whether economies are slowing from the tariff uncertainty. Inflation data in Australia is due before US Personal Consumption Expenditure data, the Federal Reserve’s preferred measure of consumer prices, at the end of the week.

Some key events this week:

Some of the main moves in markets:

Stocks

Currencies

Cryptocurrencies

Bonds

Commodities

This story was produced with the assistance of Bloomberg Automation.