Asian shares made muted moves early Tuesday, following a lower finish on Wall Street, and as investors awaited the release of the federal budget in Sydney.
Overnight, U.S. stocks closed lower on the back of a confluence of factors which include worries over Greece’s financial condition, slowing growth in China as well as gains in bond yields.
Major government debt markets resumed their selloff on Monday, resulting in higher bond yields. The U.S. 10-year Treasury yield rose to 2.27 percent. The 30-year bond yield topped 3.03 percent. The German 10-year bund yield rose to 0.62 percent.