(Bloomberg) -- Asian equities rose Tuesday, with U.S. stocks around record highs as investors eye the start of the corporate earnings season and relatively smooth sales of government debt.Shares rose in Hong Kong and Japan, and China edged higher as trade data showed recovering overseas demand drove a surge in first-quarter exports. U.S. equity futures were steady following a slight pullback in the S&P 500 Index after three straight weeks of gains. Tech shares weakened, led by Intel Corp. as Nvidia Corp. homed in on its microprocessors market.The cost of insuring Asia’s investment-grade bonds rose after a record spike in yields on the debt of state-owned enterprise China Huarong Asset Management Co. U.S. bond yields were only slightly higher as the Treasury’s sales of three- and 10-year notes attracted decent demand, turning the focus to Tuesday’s 30-year auction.A positive outlook for U.S. growth should help corporate earnings, though stocks look precarious around record highs given spikes in Covid-19 cases and troubled vaccine rollouts in parts of the world. And while concerns about higher borrowing costs have eased on central banks’ assurances that interest rates will remain low, investors are still alert to the risk of rebounding inflation. U.S. consumer prices data are due Tuesday.“It’s not too late to focus on the relationary trade,” Suresh Tantia, senior investment strategist at Credit Suisse, told Bloomberg TV. “The sectors which are more exposed to cyclical recovery and inflation will do better than growth stocks in the next three- to six months.”Elsewhere, President Joe Biden told companies vying for a tightly constrained global supply of semiconductors that he has bipartisan support for government funding to address a shortage that has idled automakers worldwide. Treasury Secretary Janet Yellen will decline to name China as a currency manipulator in her first semiannual foreign-exchange report, according to people familiar with the matter, allowing the U.S. to sidestep a fresh clash with Beijing.Oil traded around $60 a barrel and the dollar edged higher. Bitcoin climbed back above $60,000 ahead of a listing by the largest U.S. cryptocurrency exchange.Some key events to watch this week:Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.The U.S. releases inflation data Tuesday.Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures were up 0.1% as of 12:16 p.m. in Tokyo. The index was little changed Monday.Japan’s Topix Index rose 0.7%.Shanghai Composite Index was 0.1% higher.Hang Seng Index was up 1.4%.South Korea’s Kospi Index climbed 1.1%.Australia’s S&P/ASX 200 Index was flat.CurrenciesThe Bloomberg Dollar Spot Index edged up 0.1%.The yen was down 0.2% at 109.64 per dollar.The euro slipped 0.1% to $1.1899.The offshore yuan was at 6.5493 per dollar.BondsThe yield on 10-year Treasuries edged up two basis points to 1.68%.Australia’s 10-year yield was three basis points higher at 1.81%.CommoditiesWest Texas Intermediate crude was up 0.6% at $60.06 a barrel.Gold edged up 0.1% to $1,734.02 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.