Asia markets traded mixed on Tuesday.
In Australia, the ASX 200 rose 35.6 points, or 0.6 percent, to 5,921.6, with most sectors notching gains. The heavily weighted financial sector gained 0.99 percent as major banking names in the country rose.
Across the Korean Strait, the Kospi fell 9.97 points, or 0.4 percent, to 2,464.14. Shares of chipmaker SK Hynix were down 2.73 percent despite the company meeting market expectations with a 77 percent jump first-quarter operating profit, according to Reuters.
That's because SK Hynix followed in the footsteps of Taiwan Semiconductor Manufacturing to warn of slower growth in smartphone chip sales. Still, the company said the slowdown could be somewhat offset by higher demand for server and other high-end chips, Reuters reported.
Samsung Electronics, which saw strong demand for its memory chips in recent quarters, slipped 2.77 percent.
Analysts at Singapore's OCBC bank wrote in a morning note that market sentiment overnight was affected by "multiple factors including higher yields, mixed earnings, still solid U.S. growth data and eased sanctions on Russian aluminum producer Rusal."
Further strength in the U.S. dollar also marked the overnight session, according to David de Garis, director for economics and markets at the National Australia Bank.
"The dollar has been on a further tear, taking up in Europe where the trading mood ended last week," he wrote in a morning note.
The dollar index, which measures the greenback against a basket of currencies, traded at 91.007 as of 4:10 p.m. HK/SIN, retreating slightly from an earlier high of 91.076. It was up from levels below 89.500 in the previous week.
The index had "been testing its highs for this year seen in the earlier part of January," de Garis said. "It's been a yield driven story, with rises in U.S. yields along the curve."
He added that the market was pricing toward three more rate hikes from the U.S. Federal Reserve this year.
"Crude prices are now sitting at the highest levels in three years, reflecting ongoing concerns around geopolitical tensions in the Middle East, which is the source of nearly half of the world's oil supply," Giulia Specchia from ANZ Research wrote in a morning note.
Higher energy prices were also supported by a decline in inventories at the Cushing, Oklahoma storage hub for U.S. crude, according to Reuters.