U.S. stocks closed narrowly mixed ahead of Asia’s Tuesday trading day, with chipmakers trading lower following Samsung Electronic’s Monday declines. With little data due during the session, markets could turn their attention to events later this week.

Tax reform was in focus stateside, with the U.S. Senate expected to vote on a bill on Thursday. Sen. Rand Paul, R-Ky., on Monday said he would vote in favour even though he still had some concerns. Republicans need 50 votes for the bill to pass.

If the Senate bill is passed, joint legislation with the House — which passed its own version on Nov. 16 — will have to be created.

New home sales in the U.S. rose to their highest level in a decade in October. The metric rose 6.2 percent to 685,000 units, compared to the 6 percent fall forecast in a Reuters poll and above the revised 645,000 figure for September.

Meanwhile, the Senate confirmation hearing for Jerome Powell, President Donald Trump’s nominee for Federal Reserve chair, is due to take place on Tuesday during U.S. hours. Markets are likely to keep watch for a sense of Powell’s views on inflation, among other issues.

The dollar saw a slight lift against a basket of currencies. The dollar index stood at 92.909 at 6:56 a.m. HK/SIN, compared to levels around the 92.7 handle seen during Asian trade. Against the yen, the greenback edged down overnight to trade at 111.07.

Elsewhere, Hong Kong markets could be in focus after a South China Morning Post report that Beijing will limit southbound capital in the Stock Connect. Chinese mutual funds intending to allocate less than half of their funds to the Hong Kong stock market will be approved, compared to earlier rules that allowed allocations above 80 percent, the Post said, citing sources.

U.S. stocks closed mixed on Monday, with retailers rising as markets bet on a strong holiday shopping season following Black Friday. Shares of U.S. chipmakers, however, struggled overnight. Samsung Electronics had dropped some 5 percent during Asian trade following a Morgan Stanley report that downgraded its stock.

The Dow Jones industrial average tacked on 0.1 percent, or 22.79 points, to close at 23,580.78 while other major indexes finished the session a touch softer. The Nasdaq composite shed 0.15 percent to end at 6,878.52 and the S&P 500 was off 0.04 percent at 2,601.42.

In Asia, futures suggested Japanese equities would be little changed at the open. Nikkei futures traded in Chicago were 0.06 percent higher at 22,510 and Osaka futures were off 0.07 percent at 22,480.

Down Under, the S&P/ASX 200 was off 0.11 percent in early trade, with the telecommunications sector falling 1.23 percent.

Chinese automaker Anhui Jianghuai Automobile on Monday signed a memorandum of understanding with Volkswagen to develop joint venture models in China. The companies had earlier set up a joint venture focused on developing electric vehicles.

Oil prices fell from two-year highs overnight ahead of a Thursday meeting among major oil producers. The slide in prices also came on the back of TransCanada announcing the Keystone pipeline would be restarted on Tuesday, Reuters said. The 590,000 barrel-per-day pipeline had been closed earlier this month following a leak.

U.S. crude futures settled 84 cents lower at $58.11 per barrel, having climbed to a more than two-year high of $59.05 in recent days. Brent crude futures settled 2 cents lower at $63.84.

— CNBC’s Fred Imbert contributed to this report.