Asian markets were poised to open lower on Tuesday, with Italian politics and the slide in oil prices in the spotlight overnight.

Futures pointed to a lower open for markets in Japan and Australia. Nikkei futures traded in Chicago were lower by 0.25 percent compared to the index’s last close and Australian SPI futures were down 0.23 percent at the end of Monday.

Several markets in Southeast Asia, including Singapore, Malaysia and Thailand, will be closed on Tuesday for a holiday.

Stocks in Europe closed lower on Monday, with Italy’s FTSE MIB falling more than 2 percent amid an ongoing political crisis.

The leader of Italy’s Five Star Movement party called for the country’s president, Sergio Mattarella, to be impeached after the latter chose to veto a pick for economy minister. Mattarella on Monday appointed a former International Monetary Fund economist to the role of interim prime minister, with snap elections expected.

The euro came under pressure on the back of that uncertainty, trading at $1.1625 at 7:06 a.m. HK/SIN.

Investors were also likely to keep an eye on geopolitical developments involving North Korea after delegations from the U.S. and the hermit state met on Sunday. That came despite U.S. President Donald Trump’s announcement last week that he was canceling a planned summit in June with North Korean leader Kim Jong Un.

The U.S. has readied sanctions on Pyongyang that could be unveiled soon, but was reportedly postponing the measures as the two countries attempted to resurrect talks.

U.S. and U.K. markets were closed on Monday for holidays.

On the commodities front, oil prices slid after top producers Saudi Arabia and Russia last week signaled they could raise production. U.S. crude futures were down 1.96 percent at $66.55 per barrel and Brent crude futures declined 1.47 percent to $75.32.

Here’s the economic calendar for Tuesday (all times in HK/SIN):

• 7:30 a.m.: Japan unemployment rate
• 5:00 p.m.: Macau first-quarter GDP

— CNBC’s Sam Meredith contributed to this report.