(Bloomberg) — The rally in global shares paused Tuesday in quiet trading as US markets were shut for a holiday.

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Europe’s benchmark Stoxx 600 edged higher on trading volume that was a quarter lower than the 30-day average. Real estate shares climbed, while J Sainsbury Plc fell as the UK grocer’s unchanged pretax profit forecast underwhelmed analysts.

In Asia, Japan’s Nikkei 225 fell from its highest level since 1990. Pakistan’s rupee rallied against the dollar on optimism the International Monetary Fund’s bailout will boost demand for the nation’s assets.

There’s no cash trading in US equities and Treasuries due to the Independence Day holiday. Futures on the S&P 500 and the Nasdaq 100 were little changed.

Investors piled into bullish bets on US stock futures toward the end of June, leaving positioning looking “very extended” and raising the risk of a pullback, Citigroup Inc. strategists said. They see the Nikkei as the most extended market overall. Investors may move to protect these gains in the coming week, considering how far the market has run, the team said.

Signs of cooling in the US economy and continued hawkish central-bank rhetoric mean investors are tempering expectations for stocks for the remainder of the year. Friday’s nonfarm payrolls report will be closely watched for clues on the trajectory of monetary policy.

Also in focus will be the earnings season, that kicks off in earnest next week. With profit warnings ramping up in the run-up, investors will seek signs of resilience.

“We remain cautious on equities amid a broadly muted economic backdrop,” said Luca Paolini, chief strategist at Pictet Asset Management. “A gap has opened up between earnings expectations and leading economic indicators. At some point, the gap will have to close. Either the economy will rebound — which we think unlikely — or equities will reprice.”

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In Australia, the central bank kept interest rates unchanged, in a decision that had divided both economists and traders on the question of a hike or pause. The yield on the nation’s policy-sensitive three-year bond trimmed gains and Australian equities rose.

Elsewhere, shares of Chinese non-ferrous metals firms climbed after the government imposed restrictions on exports of gallium and germanium in an escalation of the trade war on tech with the US and Europe. The metals are crucial for the semiconductor, telecommunications and electric-vehicles sectors.

Key events this week:

• China Caixin services and composite PMI, Wednesday

• Eurozone S&P Global Eurozone services PMI, PPI, Wednesday

• OPEC International Seminar, speakers including OPEC+ oil ministers, kicks off in Vienna, Wednesday

• FOMC issues minutes on June policy meeting, Wednesday

• New York Fed President John Williams in “fireside chat” at meeting of the Central Bank Research Association at the New York Fed, Wednesday

• US initial jobless claims, trade, ISM services, job openings, Thursday

• Dallas Fed President Lorie Logan speaks on a panel about the policy challenges for central banks at CEBRA meeting, Thursday

• US unemployment rate, nonfarm payrolls, Friday

• ECB’s Christine Lagarde addresses an event in France, Friday

Some of the main moves in markets today:

Stocks

• The Stoxx Europe 600 rose 0.2% as of 10:07 a.m. London time

• S&P 500 futures were little changed

• Nasdaq 100 futures fell 0.1%

• Futures on the Dow Jones Industrial Average were little changed

• The MSCI Asia Pacific Index was little changed

• The MSCI Emerging Markets Index rose 0.3%

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro fell 0.2% to $1.0895

• The Japanese yen rose 0.2% to 144.38 per dollar

• The offshore yuan rose 0.4% to 7.2241 per dollar

• The British pound was little changed at $1.2694

Cryptocurrencies

• Bitcoin fell 0.7% to $30,918.05

• Ether fell 0.4% to $1,950.41

Bonds

• The yield on 10-year Treasuries was little changed at 3.85%

• Germany’s 10-year yield advanced three basis points to 2.46%

• Britain’s 10-year yield was little changed at 4.43%

Commodities

• Brent crude rose 0.9% to $75.35 a barrel

• Spot gold rose 0.4% to $1,929.65 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Jason Scott, April Ma, Ruth Carson, John Viljoen, Tassia Sipahutar and Sagarika Jaisinghani.

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