(Bloomberg) -- Asia’s benchmark stock index made modest gains, while gold touched a record high as tensions in the Middle East stoked demand for the asset as a haven.

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China’s CSI 300 Index swung between gains and losses after the nation’s banks cut their benchmark lending rates. Shares rose in South Korea, Taiwan and Australia, while they were mixed in Japan. US equity futures climbed after the S&P 500 notched up a sixth straight weekly increase, buoyed by corporate earnings and signs the world’s largest economy remains robust.

Financial markets are being shaped by wagers on the health of the US and Chinese economies on the one hand, and the impact of hostilities in the Middle East and geopolitics on the other. The decision by Chinese banks to cut lending rates comes after officials have implemented a series of measures to revive economic growth and bolster the housing market.

China’s one-year loan prime rate, on which most new and outstanding loans are based, was cut to 3.10% from 3.35%, while the five-year rate was reduced to 3.60% from 3.85%. The latte influences the pricing of mortgages and other long-term loans.

Silver, palladium and platinum all rose. Bullion edged higher to hit an all-time high of around $2,725 an ounce on news Israel is discussing its attack on Iran after a Hezbollah drone exploded near Prime Minister Benjamin Netanyahu’s private home. Crude was little changed after dropping 8.4% last week.

Possible escalation in Middle East comes as finance ministers and central bank chiefs gather in Washington this week for the annual meeting of the International Monetary Fund and World Bank. Hanging over the meeting is the grinding Russia-Ukraine war and a toss-up US presidential election that offers starkly different economic outcomes for the world.

Bitcoin flirted with $70,000, a level last seen since June, amid a spurt of demand for dedicated US exchange-traded funds.

Malaysia’s politicians are bracing for protests after committing to rolling back fuel subsidies from next year which also risk stoking inflation. Traders will also be closely watching the Indonesian rupiah after new President Prabowo Subianto confirmed Sri Mulyani Indrawati will stay on as finance minister, a sign of policy continuity in Southeast Asia’s largest economy.

The reappointment of Indrawati in Prabowo’s administration “should be perceived positively by markets in terms of Indonesia’s medium-term fiscal consolidation narrative,” Barclays Plc strategists led by Themistoklis Fiotakis wrote in a note to clients.

In US earnings this week, Tesla Inc. faces questions on its production targets and regulatory challenges after the unveiling of its much-hyped Cybercab failed to enthuse investors and quell concerns over its recent vehicle sales.

Boeing Co. will also have to sooth investors increasingly concerned over production delays, depleted financial resources and labor strife. Striking workers will vote on Oct. 23 to ratify a tentative agreement on a new contract the company and their union reached at the weekend, including a wage increase of 35% spread over four years.

Investors are positioning for the US election in about two weeks as odds tilt toward both Donald Trump winning the White House and Republicans controlling Congress. Traders have already begun ramping up bets on assets which had thrived in the wake of the former president’s 2016 victory, and are now looking to the impact on proposed policies including a lift in trade tariffs.

Here are some highlights of the coming week:

• IMF and World Bank annual meetings in Washington Monday through Oct. 26

• BRICS summit in Kazan, Russia, hosted by Russian President Vladimir Putin. Among those attending are the leaders of Brazil, India and China. Oct. 22 through Oct. 24.

• Canada rate decision, South Africa CPI, Boeing, Tesla, Deutsche Bank earnings on Oct. 23; the start of trading in subway operator Tokyo Metro is set to be the biggest IPO in Japan since 2018

• Eurozone,, UK, US PMIs

• German IFO data, Tokyo CPI, Russia’s central bank meets

Some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.1% as of 10:33 a.m. Tokyo time

• Nikkei 225 futures (OSE) rose 0.2%

• Japan’s Topix fell 0.2%

• Australia’s S&P/ASX 200 rose 0.6%

• Hong Kong’s Hang Seng was little changed

• The Shanghai Composite rose 0.3%

• Euro Stoxx 50 futures were little changed

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro was unchanged at $1.0867

• The Japanese yen rose 0.3% to 149.11 per dollar

• The offshore yuan rose 0.1% to 7.1109 per dollar

Cryptocurrencies

• Bitcoin rose 0.9% to $69,402.63

• Ether rose 1.6% to $2,753.29

Bonds

• The yield on 10-year Treasuries was little changed at 4.08%

• Australia’s 10-year yield declined two basis points to 4.29%

Commodities

• West Texas Intermediate crude rose 0.1% to $69.32 a barrel

• Spot gold rose 0.2% to $2,726.11 an ounce

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Matthew Burgess, Chris Bourke, Sybilla Gross and Sunil Jagtiani.

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