Australia

Australian shares are set to open higher, after US and UK markets were closed for public holidays.

ASX futures were up 0.1% or 6 points as of 8:00am on Tuesday, suggesting a higher open.

US markets were closed for the Memorial Day public holiday.

In commodity markets, Brent crude oil was up 1.2% to US$83.10 a barrel, while gold was up 0.7% at US$2,350.97.

In local bond markets, the yield on Australian 2 Year government bonds was down at 4.02% while the 10 Year yield was also down at 4.28%. US Treasury notes were unchanged, with the 2 Year yield at 4.95% and the 10 Year yield at 4.46%.

The Australian dollar was 66.58 US cents, up from its previous close of 65.24. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, was down at 99.33.

Asia

Chinese shares closed higher, supported semiconductor and energy stocks. Chip stocks got a boost after news that officials have launched the third phase of a state-backed investment fund to develop the industry with registered capital of CNY344 billion. Semiconductor Manufacturing International Corp. closed 5.1% higher and GigaDevice Semiconductor rose 3.7%. Energy stocks also led gains, with China Oilfield Services up 2.6% and PetroChina gaining 2.7%. Property stocks led losses, with Greenland Holdings down 1.5% and China Vanke losing 1.3%. The benchmark Shanghai Composite Index closed 1.1% higher at 3124.04 and the Shenzhen Composite Index gained 0.75%. The ChiNext Price Index was up 0.7%.

Hong Kong shares ended higher, snapping a four-session losing streak. Semiconductor stocks led the gains after China set up a CNY344 billion chip fund to bolster the industry. Hua Hong Semiconductor surged 11.5% and Semiconductor Manufacturing International Corp. rose 7.4%. Energy stocks gained broadly as well, with PetroChina rising 3.5% and Cnooc putting up 4.2%. Lenovo rose 8.9% after analysts saw a rosy outlook for its newly launched artificial intelligence-powered PCs. The benchmark Hang Seng Index ended 1.2% higher at 18827.35, the Hang Seng Tech Index rose 1.7%.

Japanese shares ended higher, led by gains in financial stocks, as the 10-year Japanese government bond yield hit a 12-year high. Dai-ichi Life Holdings climbed 3.1% and Daiwa Securities Group advanced 3.3%. The Nikkei Stock Average rose 0.7% to 38900.02. The newest 10-year JGB yield gained 2 basis points to 1.025%, the highest level since April 2012. Investors are focusing on U.S. economic data and their policy implications.

India's benchmark Sensex closed flat at 75390.50 amid the mixed performance of regional peers, with gains in banks offset by losses in utility and manufacturing stocks. Investors are likely waiting for India's GDP data due later this week. Among gainers, IndusInd Bank gained 1.65%, Axis Bank was 1.0% higher and Bajaj Finance rose 0.9%. Among decliners, NTPC lost 1.4%, Sun Pharmaceutical Industries was 1.3% lower and Mahindra & Mahindra shed 1.2%.

Europe

UK markets were closed for the Spring Bank Holiday.

In Europe, shares closed higher, with the STOXX Europe 600 Index adding 0.3% to 522.21, Germany's DAX rose 0.4% to 18,774.71 and France's CAC 40 added 0.5% to 8,132.49.

North America

US markets were closed for the Memorial Day public holiday.