Commodities climb after reaching lowest level in 11 months

US equity futures fell alongside European stocks as investors digested a flood of earnings as well as prepared for the latest clues from the Federal Reserve on monetary policy in the world’s biggest economy. Most commodities climbed, as oil steadied.

On the Stoxx Europe 600 Index, gains in mining and chemicals shares were outweighed by declines in telecommunications and household goods.

Japanese stocks outperformed in Asia, while the yen held close to its weakest level since January. The IMF cut growth forecasts for the euro area, the U.K. and Japan for 2018

Earnings and U.S. monetary policy have become the main drivers of market sentiment this week. That’s giving respite from a backdrop of worsening trade relations between the world’s biggest economic powers. Company results have been mixed thus far, with Deutsche Bank AG and Bank of America Corp. beating estimates, counterbalancing the Netflix reading.

Later on Tuesday, Fed Chairman Jerome Powell was to likely make the case for further tightening in testimony before a U.S. Senate panel, with markets pondering whether he’ll strike a more hawkish tone than Federal Reserve Bank of Minneapolis President Neel Kashkari, who said there’s little reason to raise rates much further.

Commodities climbed after Monday falling to the lowest in 11 months as crude traded in New York steadied at about $68 a barrel. Emerging market stocks headed lower for a second day.

The Stoxx Europe 600 Index decreased 0.3 percent as of 7:57 a.m. New York time. Futures on the S&P 500 Index fell 0.1 percent. The MSCI All-Country World Index declined 0.1 percent. The MSCI Emerging Market Index dipped 0.4 percent.

West Texas Intermediate crude fell 0.1 percent to $68.00 a barrel, the lowest in almost four weeks. LME copper decreased 0.3 percent to $6,173.50 per metric ton. Gold declined less than 0.05 percent to $1,240.88 an ounce, the weakest in a year.