(Bloomberg) — U.S. equity futures gained, while oil rallied and the dollar strengthened in the first trading day of 2022.

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Volumes were light, with markets including the U.K., Japan and China closed for holidays. Futures on the S&P 500 added 0.4% and Europe’s Stoxx 600 rose 0.6%. Oil contracts in New York traded above $76 a barrel as Libyan supply tightened ahead of an OPEC+ meeting.

Tesla Inc. shares looked poised to gain when U.S. trading gets underway. The company reported blockbuster results on Sunday, saying it delivered 308,600 vehicles in the fourth quarter and smashing the previous record.

All eyes are on the omicron variant of Covid-19, which is spreading rapidly but also appears to be less severe than some earlier variants based on the rate of hospitalizations. Investors are also focusing on the policy trajectory of the Federal Reserve and other central banks into 2022, particularly as inflation continues to present a challenge.

Here’s (Almost) Everything Wall Street Expects in 2022

Last year “was simply a period of ‘risk on,’” Jefferies strategists led by Sean Darby wrote in a note. “Peering into 2022, we expect volatility to rise, meaning that the return per unit of risk comes to the forefront.”

Elsewhere in markets, Chinese developer shares dropped following local media reports that China Evergrande Group has been ordered to tear down apartment blocks in a development in Hainan province. Shares of Evergrande were suspended in Hong Kong.

The Turkish lira weakened after data showing that inflation surged to a 19-year high in December. The acceleration in inflation takes Turkey’s benchmark interest rate adjusted for inflation to negative 22.08%, the lowest real yield among emerging markets.

What to watch this week:

  • FOMC meeting minutes scheduled for release Wednesday

  • Fed’s Bullard discusses the U.S. economy and monetary policy in an event on Thursday

  • Fed’s Daly discusses monetary policy on a panel Friday

  • ECB’s Schnabel speaks on a panel Saturday

For more market analysis, read our MLIV blog.

Some of the main moves in markets:

Stocks

  • S&P 500 futures rose 0.4% as of 9:11 a.m. in London

  • Nasdaq 100 futures gained 0.5%

  • South Korea’s Kospi index advanced 0.4%

  • Taiwan’s Taiex rose 0.3%

  • Hang Seng Index declined 0.6%

Currencies

  • The yen weakened 0.2% to 115.33

  • The Bloomberg Dollar Spot Index gained 0.1%

  • The euro fell 0.2% to 1.1349

Bonds

  • Cash Treasuries are shut in Asia and the U.K. on Monday

  • The yield on 10-year Treasuries closed last week at 1.51%

  • Australia’s 10-year yields rose four basis points to 1.67% on Friday

Commodities

  • West Texas Intermediate crude gained 0.9% to $76.15 a barrel

  • Gold fell 0.2% to $1,825.54 an ounce

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