(Bloomberg) -- Asian share markets were poised for another cautious open on Tuesday ahead of key economic data from China and after stocks on Wall Street eked out small gains late in the session.

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Futures pointed to a small advance for Japanese equities while Hong Kong and Australia looked set for slight declines. The possibility of further Federal Reserve policy tightening lifted Treasury yields and constrained US stocks, with the S&P 500 erasing losses in afternoon trading and the tech-heavy Nasdaq 100 underperforming major equity benchmarks.

Two-year Treasury yields climbed to around 4.2%. Richmond Fed President Thomas Barkin said he wants to see more evidence that US inflation is easing back to the central bank’s goal of 2%. New York state manufacturing activity unexpectedly expanded in April for the first time in five months as new orders and shipments snapped back.

Much of the focus in Asia will be on China and the strength of its economic recovery. Figures on Tuesday are projected to show gross domestic product expanded 4% in the first quarter from a year earlier, well below the government’s target for full-year growth of around 5%. March data may show increases in industrial output, investment and retail sales.

Elsewhere, minutes from the Reserve Bank of Australia’s policy meeting earlier this month will be parsed for signs that rates may be lifted again after a pause, while Indonesia’s central bank is expected to keep its benchmark unchanged.

US bank earnings on Monday didn’t relieve much investor nervousness that the sector can quickly bounce from turmoil that roiled several lenders earlier this year, as a so-called earnings recession in the world’s biggest economy looms.

Charles Schwab Corp. rose as executives said the firm can weather the turmoil roiling US banks, while pausing stock buybacks in response to the industry’s worst crisis since 2008. State Street Corp. fell as it reported clients retreated from its investment products.

“The current season’s earnings profile is rather opaque,” said Peter Kinsella, head of FX strategy at Swiss asset manager UBP. “The banks last week did better than expected, but we have to see what the reporting season will be like from everyone else. But the S&P is expensive at current levels so you have to ask yourself if there is really much material upside from here.”

Government bond yields in Australia and New Zealand rose in the slipstream of Treasury rates early Tuesday.

The dollar was little changed versus its major counterparts after rising for a second day on Monday.

Related markets stories:

• VIX at 17 With Credit Spreads Tightening Making Everyone a Bear

• Morgan Stanley’s Wilson Sees Stock Rally at Risk of Yields Rise

Key events this week:

• China GDP, retail sales, industrial production, Tuesday

• US housing starts, Tuesday

• Goldman Sachs and Bank of America release first-quarter earnings, Tuesday

• Fed’s Michelle Bowman discusses digital currency, Tuesday

• Eurozone CPI, Wednesday

• Fed releases Beige Book, Wednesday

• Fed’s John Williams gives a speech, Wednesday

• Fed’s Austan Goolsbee is interviewed on NPR, Wednesday

• China loan prime rates, Thursday

• Eurozone consumer confidence, Thursday

• US initial jobless claims, existing home sales, index of leading economic indicators, Thursday

• ECB issues report on March policy meeting, Thursday

• Fed’s Christopher Waller speaks at cryptocurrency-focused event, Thursday

• Fed’s Patrick Harker speaks on “monetary policy and housing”, Thursday

• Fed’s Loretta Mester discusses the economic and policy outlook, Thursday

• Fed’s Raphael Bostic discusses regional and national economic conditions, Thursday

• Fed’s Michelle Bowman and Lorie Logan speak at event, Thursday

• PMIs for Eurozone, Friday

• Japan CPI, Friday

• Fed’s Lisa Cook discusses economic research at an event, Friday

Some of the main moves in the market:

Stocks

• S&P 500 futures were little changed as of 7:54 a.m. Tokyo time. The S&P 500 rose 0.3% Monday

• Nasdaq 100 futures were little changed. The Nasdaq 100 was little changed

• Hang Seng futures fell 0.5%

• S&P/ASX 200 futures fell 0.2%

• Nikkei 22 futures rose 0.3%

Currencies

• The Bloomberg Dollar Spot Index was little changed; it rose 0.4% Monday

• The euro was little changed at $1.0925

• The Japanese yen was little changed at 134.47 per dollar

• The offshore yuan was little changed at 6.8835 per dollar

• The Australian dollar was little changed at $0.67

Cryptocurrencies

• Bitcoin rose 0.2% to $29,528.22

• Ether rose 0.3% to $2,082.35

Bonds

• The yield on 10-year Treasuries advanced nine basis points to 3.60% Monday

• Australia’s 10-year yield advanced nine basis points to 3.46%

Commodities

• West Texas Intermediate crude was little changed

• Spot gold was little changed; it fell 0.5% on Monday

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Sujata Rao and Abigail Doolittle.

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