(Bloomberg) — Asian stocks and U.S. equity futures climbed for the first time in eight days Monday, reversing early declines in wild trading amid signs of support from central banks. Bond yields pared losses and the yen retreated.Gains on China’s CSI 300 Index hit 3% and futures on the S&P 500 futures climbed about 1% as risk assets rebounded from last week’s sell-off. Japanese stocks reversed losses after the Bank of Japan moved to take efforts to try and stabilize markets amid the spreasding coronavirus. The Federal Reserve on Friday signaled that it’s open to easing policy and some strategists expect action as soon as Monday. Oil recovered while South Korea’s won climbed on strong trade data. Treasury yields remained lower as did those in Australia and New Zealand, though declines pared. The dollar slipped.Investors are pricing increased support from monetary authorities from Washington to Sydney as the global death toll from the coronavirus surpassed 3,000. The number of U.S. cases climbed over the weekend, including the first positive test for a person in New York State, while cases in Italy and South Korea jumped. Fatalities came in the U.S., Thailand and Australia“We’ll start to see more rhetoric from governments to address the situation both from a fiscal and central bank easing standpoint,” said Damien Loh, chief investment officer at Ensemble Capital Pte in Singapore. “We might see one leg of risk-off but it feels to me most of the bad news has been priced in.”Goldman Sachs Group Inc. economists now expect the virus to inflict a “short-lived global contraction” on the world economy that forces the Fed to slash rates in the first half. Fed Chairman Jerome Powell has opened the door to a rate cut, citing the “evolving risks” posed to the U.S. economy from the virus, in a rare statement issued Friday.“The Fed’s hand has been forced unless they want to pick now to break this cycle and live with the consequences,” said Jim Bianco, founder of Bianco Research LLC, who said the market was repricing a cut as soon as Monday. “If the Fed does not deliver on the market’s forward guidance, it risks opening the trapdoor on the stock market and unleashing a historic stock market collapse.Elsewhere, the Mexican peso tumbled about 1% after U.S. President Donald Trump said he is considering increased controls on the border since Mexico reported its first coronavirus case.Here are some key events coming up:A key factory gauge on Monday is projected to show that U.S. manufacturing came close to stagnating last month. The ISM purchasing managers index is estimated to fall to 50.5 from 50.9.The Reserve Bank of Australia sets policy on Tuesday.U.S. citizens in states including California and Texas will vote on “Super Tuesday” for a Democratic candidate to run against President Donald Trump in November’s election.The Bank of Canada has a rate decision on Wednesday.OPEC ministers gather in Vienna on March 5-6.These are the main moves in markets:StocksJapan’s Topix index rose 1.1% as of 12:01 p.m. in Tokyo.South Korea’s Kospi index added 1.4%.Futures on the S&P 500 climbed 1%. The underlying gauge fell 0.8% on Friday.Australia’s S&P/ASX 200 Index slid 0.7%.Hong Kong’s Hang Seng gained 0.8%.Shanghai Composite rose 2.7%.CurrenciesThe yen dipped 0.3% to 108.17 per dollar.The offshore yuan rose 0.2% to 6.9954 per dollar.The euro added 0.3% to $1.1056.BondsThe yield on 10-year Treasuries lost four basis points to 1.11%.New Zealand’s 10-year yield declined about six basis points to 1%.Australia’s 10-year yield fell about six basis points to 0.76%.CommoditiesWest Texas Intermediate crude surged 3.4% to $46.31 a barrel.Gold rose 0.6% to $1,595.02 an ounce.\–With assistance from Lin Zhu.To contact the reporters on this story: Adam Haigh in Sydney at email@example.com;Lilian Karunungan in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Christopher Anstey at email@example.com, Andreea Papuc, Joanna OssingerFor 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.