Oil prices pared losses in post-settlement trade after data showed a smaller-than-expected rise in crude stocks.
The dollar fell sharply against the yen as weak U.S. retail sales data compounded investors' search for safety.
U.S. sovereign bonds rallied on Monday, ahead of a U.S. Federal Reserve monetary policy decision on Wednesday.
Most Asia markets lost ground Tuesday, tracking Wall Street's weak performance, with analysts saying traders are turning more cautious after the recent rally.
Europe finished higher on Monday shrugging off a sharp dip in oil prices, as investors looked ahead to a raft of central bank meetings.
U.S. stock index futures pointed to a lower open on Wednesday amid data reports ahead of the conclusion of the latest Federal Open Market Committee (FOMC) meeting.
Asia markets traded higher across the board on Monday, extending last week's gains following the announcement of fresh stimulus measures from the ECB.
Gold turned lower and fell below $1,240 an ounce on Monday, as stock markets and the dollar gained.
Currency markets were off to a relatively quiet start on Monday, stabilizing after last week's wild swings.
U.S. stock index futures pointed to a lower open on Tuesday amid of a number of key data releases, as investors geared up for the Federal Open Market Committee's policy announcement on Wednesday.
U.S. oil prices fell over 3 percent on Monday on concerns a six-week market recovery has gone beyond fundamentals.
U.S. stocks closed sharply higher Friday as oil prices rose and investors took a more positive view of Thursday's European Central Bank announcements on stimulus.
U.S. government debt prices fell on Friday, after ECB President Mario Draghi suggested rates would not go further into negative territory.
European equities were higher with investors cheering a rally in oil prices and digesting the aggressive easing measures the ECB announced.
Gold edged lower on Friday as the dollar rebounded, but prices remained within reach of a 13-month high.
Asia markets reversed early losses to trade mostly higher on Friday, as traders digested fresh easing from the European Central Bank (ECB) overnight.
The dollar was higher, after nearing a one-month low against a basket of major currencies.
U.S. oil rose after the Western world's energy watchdog said crude prices may have reached their bottom.
U.S. stocks closed mostly lower Thursday, under pressure from low oil and concerns about the effectiveness of monetary policy.
U.S. stock index futures indicated a lower start to the week as a decline in oil prices weighed and investors looked ahead to the Fed.