Asia's share markets are in a cautious mode as global investors wait to see whether China recorded a first-quarter bounce back from its punishing pandemic lockdowns that led to a major economic slowdown.
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MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 per cent, after US stocks ended the previous session with mild gains.
The index is up 1.1 per cent so far this month.
A Reuters poll last week found China's GDP growth was forecast to speed up to 4.0 per cent in the first quarter from a year earlier, versus 2.9 per cent in the previous three months, according to the median forecast of 70 economists.
For 2023, growth was expected to pick up to 5.4 per cent, the poll showed, from 3.0 per cent last year which was one of its worst performances in almost half a century due to the pandemic.
China's government has set a 5.0 per cent target for economic growth for this year after missing the 2022 goal.
In Asian trade, the yield on benchmark 10-year Treasury notes rose to 3.5985 per cent compared with its US close of 3.591 per cent on Monday.
The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 4.1836 per cent compared with a US close of 4.188 per cent.
Australian shares were down 0.37 per cent, while Japan's Nikkei stock index rose 0.5 per cent.
Australia's central bank considered hiking rates for an 11th time in April before deciding to pause, but was ready to tighten further if inflation and demand failed to cool, minutes of the Reserve Bank of Australia's April 4 policy meeting showed.
The Dow Jones Industrial Average rose 0.3 per cent to 33,987.18, the S&P 500 gained 0.33 per cent at 4,151.32 and the Nasdaq Composite gained 0.28 per cent at 12,157.72.
"The possibility of further tightening of Federal Reserve policy resulted in Treasury yields lifting while US equity markets were relatively subdued," ANZ economists wrote on Tuesday.
Two key business surveys for the US published on Monday, including the Empire State Survey, showed business conditions and sentiment remained robust despite the banking sector crisis and tightening monetary policy conditions.
European stocks ended just barely lower to snap a five-session streak of gains, with the pan-European STOXX 600 index down 0.01 per cent.
The winning streak was the longest for the index in three months.
The dollar was flat against the yen at 134.45, still some distance from its high this year of 137.91 hit in March.
The European single currency was flat on the day at $US1.0922 ($A1.6302), having gained 0.77 per cent in a month, while the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was down at 102.09.
US crude ticked up 0.2 per cent to $US80.99 ($A120.88) a barrel.
Brent crude fell to $US84.93 ($A126.76) per barrel.
Gold was slightly high with the spot price at $US1996.36 ($A2,979.73) per ounce.
Australian Associated Press
