Asian stocks climbed in a volatile start to a crucial week spanning the U.S. election and a Federal Reserve policy meeting, events that could set the tone for financial markets for the rest of the year. Oil tumbled to a five-month low.

S&P 500 futures nudged up after erasing an earlier decline. The dollar ticked higher with Treasuries. Japan stocks outperformed. The moves at the beginning of November come after global equities posted two months of losses.

Concern that economic growth will be hampered by further lockdown measures in Europe dragged crude prices and commodity currencies lower. The pound slipped as increased restrictions in England aimed at controlling the coronavirus overshadowed signs of progress on Brexit trade talks.

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