(Bloomberg) — Asian stocks climbed in a volatile start to a crucial week spanning the U.S. election and a Federal Reserve policy meeting, events that could set the tone for financial markets for the rest of the year. Oil tumbled to a five-month low.S&P 500 futures nudged up after erasing an earlier decline. The dollar ticked higher with Treasuries. Japan stocks outperformed. The moves at the beginning of November come after global equities posted two months of losses.Concern that economic growth will be hampered by further lockdown measures in Europe dragged crude prices and commodity currencies lower. The pound slipped as increased restrictions in England aimed at controlling the coronavirus overshadowed signs of progress on Brexit trade talks.The main event this week will be Tuesday’s U.S. election, with Democratic nominee Joe Biden leading President Donald Trump in polls. Virus developments are also front and center with the recent surge in U.S. cases showing signs of slowing over the weekend. Countries in Europe are restricting the movement of people in a bid to contain the spread of the pathogen.“Whichever way you look at it, this coming week will be huge for U.S. and global markets,” said Simon Ballard, chief economist at First Abu Dhabi Bank Pjsc. “We see the potential for a sharp rise in volatility around these events — and all in the context of a still deteriorating Covid-19 situation across much of the U.S., Europe and elsewhere.”China’s economic recovery continued in October, with manufacturing gauges beating expectations.Also weighing on crude Monday was a continued ramp up of production in Libya following a truce in that country’s civil war. Meantime, gold recouped earlier losses.These are some key events coming up:Earnings are due from companies including Nintendo Co., Macquarie Group Ltd., Toyota Motor Corp., Alibaba Group Holding Ltd. and AstraZeneca Plc.U.S. Presidential election on Tuesday.EIA crude oil inventory report on Wednesday.Fed policy decision on Thursday.The U.S. labor market report is due Friday.Here are the main moves in markets:StocksS&P 500 futures added 0.2% as of 12:51 p.m. in Tokyo. The benchmark fell 1.2% on Friday.Japan’s Topix index rose 1.6%.Shanghai Composite was little changed. Hang Seng Index gained 0.9%.South Korea’s Kospi added 0.9%.Euro Stoxx 50 futures fell 0.1%.CurrenciesThe Bloomberg Dollar Spot Index gained 0.1%.The yen was at 104.67.The offshore yuan was at 6.6897 per dollar, up 0.1%.The euro bought $1.1642.The pound slid 0.2% to $1.2928.The Aussie lost 0.2% to 70.16 U.S. cents.BondsThe yield on 10-year Treasuries fell one basis point to 0.86%.Australia’s 10-year yield was at 0.83%.CommoditiesWest Texas Intermediate crude slid 3.6% to $34.50 a barrel.Gold gained 0.2% to $1,882.83 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.