Chinese tech stocks are also likely to be in the spotlight, with the Hong Kong-listed Tencent expected to report earnings today. Nasdaq-listed Weibo and Sina released their earnings for the first quarter in the U.S. on Tuesday. Sina rose sharply after earnings per share came in at $0.50 per share, well above FactSet estimates of $0.17.

Markets were mixed on Wall Street, with the Dow Jones industrial average and the S&P 500 closing mostly flat. The Nasdaq, however, rose 0.33 percent or 20.20 points to finish at 6,169.87.

In currency news, the dollar continued to sag. The greenback traded at 98.188 against a basket of rival currencies, off levels around the 99 handle seen last week.

The dollar also ceded ground against the yen, with dollar/yen trading at a one-week low of 112.90. The Aussie strengthened against the dollar for a sixth straight session to trade at $0.7428.

Economic data expected in the day include Japan machinery orders at 7:50 am HK/SIN. Over in Australia, the Westpac consumer confidence index for May will be released at 8:30 am while the Q1 wage price index is out at 9:30 am. Singapore reports April non-oil domestic exports (NODX) figures at 8:30 a.m.