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US equity-index futures struggled for traction as investors focused on second-quarter earnings, and as China’s record trade surplus with America served as a reminder that protectionist tensions aren’t going away. The pound fell as the Brexit quagmire deepened.

Futures on the S&P 500, Dow Jones and Nasdaq fluctuated between gains and losses after JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc posted mostly positive results.

The Stoxx Europe 600 Index advanced, with trading volume more than 25 percent lower than the 30-day average and commodity producers underperforming. Stocks in Asia posted a first weekly advance in five as benchmarks in Japan, Hong Kong and South Korea gained.

The dollar strengthened and Treasuries edged higher, while European bonds rallied, the euro declined and the yuan fell. The pound headed lower after President Donald Trump warned UK Prime Minister Theresa May that her Brexit proposal — already facing an uphill battle for European Union approval — could “kill” any future US trade deal.

Investors will feel some relief as earnings season gets underway in earnest, allowing attention to pivot away from trade relations. The latter seemed to ease somewhat, with officials in Beijing appearing to moderate their responses to Trump’s tariff threats amid a slowing economy, falling stock market and weakening currency. Still, China’s monthly trade surplus with the US rose to a record in June and exports to the nation also soared, underlining the cause of the escalating trade war.

Despite optimism a bumper earnings season can propel equities higher, there remains disagreement as to sustainability of the economic cycle. Former US Treasury official Jim Millstein says the next economic downturn could strike in less than two years, while Guggenheim Partners’ Scott Minerd says there is now a higher chance of a deep US recession as soon as next year.

Meanwhile, West Texas crude climbed back above $70 a barrel, but most metals declined, with gold heading for the lowest close in a year. Emerging-market shares extended gains to head for a first weekly advance in five.

The Stoxx Europe 600 Index increased 0,2 percent as of 8:36am New York time. Futures on the S&P 500 Index declined less than 0,05 percent. The MSCI All-Country World Index advanced 0,1 percent. The MSCI Emerging Market Index climbed 0,2 percent.

The Bloomberg Dollar Spot Index advanced 0,3 percent to the highest in more than a week. The euro decreased 0,3 percent to $1,1642, the weakest in more than a week. The British pound dipped 0,4 percent to $1 3157, the weakest in more than a week. The Japanese yen gained 0,1 percent to 112,49 per dollar, the first advance in a week.

The yield on 10-year Treasuries dipped one basis point to 2,83 percent, the lowest in a week on the biggest dip in more than a week. Germany’s 10-year yield sank three basis points to 0,33 percent, the largest tumble in more than three weeks. Britain’s 10-year yield dipped two basis points to 1,282 percent, the biggest decrease in more than a week.

The Bloomberg Commodity Index declined 0.3 percent. West Texas Intermediate crude advanced 0,6 percent to $70,72 a barrel, the largest gain in a week. LME copper dipped 0,6 percent to $6 191 per metric ton. Gold fell 0,5 percent to $1 241,71 an ounce, the weakest in about a year. — Bloomberg.