Chinese blue-chip shares weakened 0.4%, and Hong Kong’s Hang Seng index fell 0.7%.
European stock futures also pointed lower, with pan-European futures down 0.5%. Nasdaq futures were largely unchanged, while S&P 500 futures slipped 0.1%.
Tony Sycamore, an analyst at IG, said the current weakness appeared to be more of a corrective phase following a powerful market rally. He added that rising US bond yields were increasingly becoming a major concern for investors.
Sycamore also noted that while Nvidia could still deliver strong earnings, the company may no longer be able to consistently shock markets with outsized surprises the way it had done previously.
The chipmaker is scheduled to report first-quarter earnings after Wednesday’s market close. Analysts remain highly optimistic, with LSEG survey estimates projecting revenue growth of nearly 80% to around $79 billion.
US Treasuries remained under pressure in Asian trading, with the 10-year yield steady at 4.6713% after rising 21 basis points over the last three sessions. The 30-year yield held at 5.1858% following a 17 basis point jump since last Thursday.
The dollar hovered near a six-week high against major currencies. It traded at 159.05 yen after gaining for seven straight sessions, reversing much of the appreciation the yen had seen after Japanese authorities intervened around the 160 level on April 30.
The euro traded at $1.1594 after slipping to its weakest level since April 8 overnight. Sterling stood at $1.3380, remaining close to the six-week low reached earlier in the week.