Asian stocks and U.S. and European futures traded mixed Monday after signs China’s economic recovery may be leveling out and as investors continue to weigh global inflation risks.

Japan underperformed amid concern about an extended state of emergency to curb the coronavirus. Shares fell in Hong Kong and fluctuated in China, where a gauge of the manufacturing industry suggested the economy’s recovery momentum might have peaked. U.S. futures ticked up after the S&P 500 notched its fourth-straight monthly advance. European contracts declined. Treasury yields dropped below 1.60% on Friday. There’s no Treasuries cash trading in Asia amid holidays in the U.S. and U.K.

The offshore yuan stabilized in the wake of comments leaning against its climb. Two state-run newspapers flagged risks fueled by rapid gains in the currency. China also set its daily reference rate at a weaker-than-expected level.

Bitcoin traded below $35,000 after a Friday slump as Bank of Japan Governor Haruhiko Kuroda warned about the token’s volatility and speculative trading.

Global stocks remain near a record, lifted by the ongoing economic recovery from the pandemic and injections of stimulus. The rally has so far weathered concerns that price pressures could force an earlier-than-expected reduction in central bank support.