Stocks in Asia were mixed in early trading as investors awaited trade data from China that will provide further signs on the country’s economic recovery.

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Shares gained in Japan, while they fell in South Korea and Australia. Contracts for Hong Kong pointed to a lower open.

Futures for the S&P 500 and Nasdaq 100 both edged lower in Asia. The S&P 500 ended Monday fractionally higher after jumping 1.9 percent Friday. The tech-heavy Nasdaq 100 gained 0.3 percent as AI-capable chipmakers Advanced Micro Devices Inc. and Nvidia Corp. rose alongside Google-parent Alphabet Inc.

China is forecast to report a second month of export growth in April as global demand rebounds. The world’s second-largest economy surprised markets when its exports exceeded estimates in March.

The dollar crept higher in early Asian trading, heading for a second day of gains. The greenback reversed earlier losses on Monday after the Federal Reserve’s Senior Loan Officer Opinion Survey signaled the credit market was tightening slightly, while business loan demand was weakening. Australian and New Zealand bond yields opened higher on Tuesday.

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Treasuries were little changed in early Asian trade after falling Monday as investors considered what it would take to finally reverse the Fed’s path on rates. Bond trading desks are bracing for as much as $35 billion of corporate debt sales this week, while Apple Inc. kicked off a $5.25 billion sale.

Investors will be watching US President Joe Biden and congressional leaders as they are set to discuss the debt-ceiling issue. Meanwhile, consumer-inflation data Wednesday may provide further clues on the Fed’s path and set the tone for equities.

Attention in Asia will turn to Australia, where the government is set to announce its first budget surplus since 2008. Windfall tax revenue from high employment and elevated commodity export prices combine to swell the government’s coffers.

Elsewhere in markets, oil edged lower as investors assessed a complex outlook for global demand after a period of volatile trading. Gold was little changed and Bitcoin held below $28,000.

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