(Bloomberg) — Stocks edged lower as China’s new targets and measures to build confidence in its economy received a lukewarm response from markets and investors looked ahead to testimony by Federal Reserve Chair Jerome Powell.

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Europe’s Stoxx 600 index traded down 0.2%, while contracts for the Nasdaq 100 dropped 0.4%, extending overnight losses. Treasuries were broadly steady after 10-year yields increased four basis points to 4.22% on Monday. In Asia, mainland China benchmarks were slightly higher in whipsawing trade.

A slew of announcements from China’s National People’s Congress included growth and inflation targets, as well as steps to support an economy hampered by a property slump and entrenched deflation. The CSI 300 Index swung between gains and losses, reflecting market disappointment over the lack of big-bang fiscal measures. The nation’s premier will defy recent convention by not holding a press briefing for investors to learn more about the policy direction.

“Overall I would say it probably disappoints more based on announcements thus far,” said Xin-Yao Ng, an investment director at abrdn. “Investors still will like more forceful fiscal measures to boost the economy.”

Fed Chair Powell heads to Capitol Hill for his semiannual testimony before Congress on Wednesday and Thursday and is expected to double down on his message that there’s no rush to cut rates.

Fed Bank of Atlanta President Raphael Bostic said he expects the Fed’s first cut — which he has penciled in for the third quarter — will be followed by a pause the following meeting to assess how the policy shift is affecting the economy.

In commodities, oil prices fell, while gold traded near record levels. Bitcoin slipped from near a 2021 record high of around $69,000 to below $66,000.

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Elsewhere, the yen was steady at around 150 per dollar as price growth in Tokyo surged back above the Bank of Japan’s target in February. The increase supports the case for the central bank’s first interest rate hike since 2007. BOJ Governor Ueda is scheduled to speak later Tuesday.

Key Events This Week:

• Bank of Japan Governor Kazuo Ueda speaks, Tuesday

• China Caixin services PMI, Tuesday

• China kicks off its 14th National People’s Congress, Tuesday

• Eurozone S&P Global Services PMI, PPI, Tuesday

• US factory orders, ISM services, S&P Global Services PMI, Tuesday

• Super Tuesday in the US, with North Carolina, California, Texas and Oklahoma among more than a dozen states holding Republican and Democratic primaries

• Canada rate decision, Wednesday

• Eurozone retail sales, Wednesday

• US ADP employment, JOLTS job openings, Wednesday

• Fed Chair Jerome Powell testifies before the House Financial Services Committee, Wednesday

• Fed issues Beige Book, Wednesday

• Fed’s Neel Kashkari (Minneapolis) and Mary Daly (San Francisco) speak, Wednesday

• China trade, forex reserves, Thursday

• European Central Bank’s rate decision, Thursday

• US initial jobless claims, trade, Thursday

• President Joe Biden delivers the State of the Union address, Thursday

• Fed Chair Jerome Powell testifies before the Senate Banking Committee, Thursday

• Cleveland Fed President Loretta Mester speaks, Thursday

• Eurozone GDP, Friday

• US nonfarm payrolls, unemployment, Friday

• New York Fed President John Williams speaks, Friday

• ECB Governing Council member Robert Holzmann speaks, Friday

Some of the main moves in markets:

Stocks

• The Stoxx Europe 600 fell 0.2% as of 8:29 a.m. London time

• S&P 500 futures fell 0.2%

• Nasdaq 100 futures fell 0.5%

• Futures on the Dow Jones Industrial Average fell 0.2%

• The MSCI Asia Pacific Index fell 0.4%

• The MSCI Emerging Markets Index fell 0.8%

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro was little changed at $1.0849

• The Japanese yen rose 0.1% to 150.37 per dollar

• The offshore yuan was little changed at 7.2125 per dollar

• The British pound fell 0.1% to $1.2675

Cryptocurrencies

• Bitcoin fell 1.3% to $66,639.2

• Ether rose 2.9% to $3,689.87

Bonds

• The yield on 10-year Treasuries declined three basis points to 4.19%

• Germany’s 10-year yield declined three basis points to 2.36%

• Britain’s 10-year yield declined four basis points to 4.08%

Commodities

• Brent crude fell 0.5% to $82.36 a barrel

• Spot gold rose 0.3% to $2,121.21 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Charlotte Yang.

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