Asian stocks were narrowly mixed on Monday as investors braced for a series of earnings from the world’s largest companies, while they kept an eye on rising US Treasury yields.
The Nikkei 225 fell 0.13% while the broader Topix drifted higher by 0.15%. Among sectors, insurers, banks and shippers traded in positive territory, while technology was a mixed bag.
Across the strait, the Kospi was off by 0.14%, with automakers and retailers declining as steelmakers climbed. Down Under, the S&P/ASX 200 rose 0.33%, as the financials subindex led gains on the broader index.
In greater China, markets drifted higher, with the Shanghai composite edging higher by 0.32% and the Shenzhen composite adding 0.38%.
Hong Kong's Hang Seng Index hovered around the flat line as moderate gains in financials and materials were erased by losses in the technology sector.
Rising bond yields and fall in technology shares had pressured Wall Street on Friday, though the S&P 500 still managed to end the week with a slight gain.
More than 180 companies in the S&P 500 are due to report results this week including Amazon, Alphabet, Facebook, Microsoft, Boeing and Chevron.
Investors also awaited surveys on global manufacturing for April to gauge see if economic softness in the first quarter was just a passing phase linked to poor weather and the Lunar New Year holidays.
On the geopolitical front, US President Donald Trump said on Sunday the North Korean nuclear crisis was a long way from being resolved, striking a cautious note a day after the reclusive country pledged to end its nuclear tests.
Oil prices declined in early trade but were not far from their highest since late 2014. The market had wobbled on Friday when Trump tweeted criticism of OPEC’s role in pushing up global prices, but quickly steadied.