(Bloomberg) -- Asian stocks saw a muted start to trading Monday as investors evaluated the worsening pandemic and prospects for stimulus and looked ahead to this week’s Federal Reserve policy meeting. The dollar held Friday’s gains.Stocks fluctuated in Japan and edged up in South Korea and Australia. S&P 500 contracts ticked higher after the benchmark slipped Friday for the first day in four amid concern that a new coronavirus strain may be deadlier than earlier variants. Treasury yields were little changed and oil was steady.Global stocks have edged back from all-time highs as additional virus lockdowns, the patchy rollout of vaccines and sparring over U.S. fiscal stimulus highlight risks to a nascent economic recovery. Investors are hoping Fed Chair Jerome Powell will provide reassurance after Wednesday’s policy meeting that $120 billion of monthly bond purchases won’t be tapered any time soon.Vaccine distribution is key to escaping the Covid-19 outbreak but frustration over supplies is growing. In a Facebook post, Italian Prime Minister Giuseppe Conte described delays in consignments by Pfizer Inc. and AstraZeneca Plc as “unacceptable.” Meanwhile, the U.K.’s health minister warned that vaccines may be less effective against new variants of the coronavirus.Elsewhere, China’s Xi Jinping is the opening day headliner at a virtual session of the World Economic Forum. With the global economy reeling, topics will range from fair economic and social systems to digitization and the climate crisis.These are some key events coming up in the week ahead:Microsoft Corp., Apple Inc., Tesla Inc., Facebook Inc., UBS Group AG and Samsung Electronics Co. are among companies reporting results.Chinese President Xi Jinping is due to speak at the World Economic Forum’s “The Davos Agenda 2021” online event on Monday.People’s Bank of China Governor Yi Gang and European Central Bank Chief Economist Philip Lane speak at a conference on Monday.Data on U.S. home prices and consumer confidence come Tuesday.The Federal Open Market Committee monetary policy decision and briefing by Chair Jerome Powell are scheduled for Wednesday.Fourth-quarter GDP, initial jobless claims and new home sales are among U.S. data releases Thursday.U.S. personal income, spending and pending home sales come Friday.These are the main moves in markets:StocksS&P 500 futures rose 0.2% as of 9:22 a.m. in Tokyo. The S&P 500 fell 0.3% on Friday.Japan’s Topix index was little changed.South Korea’s Kospi index added 0.5%.Hang Seng futures earlier rose 0.2%.Australia’s S&P/ASX 200 Index rose 0.2%.CurrenciesThe Bloomberg Dollar Spot was little changed.The yen was flat at 103.76 per dollar.The offshore yuan added 0.1% to 6.4932 per dollar.The euro was flat at $1.2168.The British pound was little changed at $1.3684.BondsThe yield on 10-year Treasuries held at 1.09%.CommoditiesWest Texas Intermediate crude was at $52.25 a barrel.Gold rose 0.1% to $1,857 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.