S&P 500 Futures stay mildly heavy near the July 31 low.

Policymakers from the Fed, RBA and the ECB have been dovish off-late.

US-China tussle adds to the risk-off mood amid a light calendar and off in Tokyo.

S&P 500 Futures drop to 3,270, down 0.10% on a day, during early Tuesday. In doing so, the equity derivative declines for the fifth consecutive day. It’s worth mentioning that the US stock gauge slumped to the lowest since July 31 the previous day as fears of the coronavirus (COVID-19) resurgence roiled the global markets.

Read: Wall Street Close: Benchmarks start off the week in the red

Having heard fears waning economic recovery from the European Central Bank (ECB) President Christine Lagarde and Germany’s Finance Minister Olaf Scholz, the risk barometer recently reacted to the downbeat comments from the Fed and the RBA members. Following the Fed Chair Jerome Powell’s pessimistic hearing of Testimony, the St. Louis President James Bullard also said that the Fed will be much less pre-emptive about hiking rates.

While being extreme, the RBA Deputy Governor Guy Debelle hinted towards the central bank intervention, either through bonds or FX, during his latest speech on "The Australian Economy and Monetary Policy" at the Australian Industry Group conference.

Elsewhere, US Secretary of State Mike Pompeo took helps from France, Germany and the UK to reject China’s claims of the South China Sea at the United Nations (UN). The troubled are joins Taiwan as the latest subject for the Sino-American tussles.

Against this backdrop, stocks in Australia, China, South Korea and Hong Kong are down near 1.0%, on an average, whereas New Zealand’s NZX 50 bucks the trend with 0.80% gains ahead of tomorrow’s RBNZ.

Moving on, the absence of major data/events in Asia can restrict any scope of change in the market mood, which in turn can keep favoring the safe-havens. Though, limited moves can be expected ahead of the US session where a few more of the Fed speakers, led by Chairman Jerome Powell, will entertain the market players.

S&P 500 Futures print five-day losing streak as central bankers weigh virus woes