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The Singapore stock market has finished lower in back-to-back sessions, sinking more than 20 points or 0.6 percent along the way. The Straits Times Index now rests just above the 3,255-point plateau although it may stop the bleeding on Tuesday.

The Malaysia stock market on Monday snapped the two-day winning streak in which it had gathered almost 15 points or 1 percent. The Kuala Lumpur Composite Index new rests just beneath the 1,505-point plateau although it's expected to see renewed support on Tuesday.

Ahead of Monday's holiday for Liberation Day, the South Korea stock market had moved higher in two straight sessions, gathering almost 50 points or 2 percent along the way. The KOSPI now rests just above the 2,525-point plateau and it's tipped to open in the green again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, shaking off concerns over the health of the Chinese economy. The European and U.S. markets managed some mild upside and the Asian bourses figure to open in similar fashion. The KOSPI finished slightly higher on Friday as gains from the oil, chemical and automobile companies were offset by weakness from the financials and a mixed picture from the technology and industrial stocks. For the day, the index rose 4.16 points or 0.16 percent to finish at 2,527.94 after trading between 2,514.31 and 2,533.20. Volume was 437.8 million shares worth 7.89 trillion won. There were 565 gainers and 275 decliners. Among the actives, Shinhan Financial shed 0.55 percent, while Hana Financial retreated 1.37 percent, Samsung Electronics added 0.50 percent, Samsung SDI improved 0.65 percent, Naver sank 0.75 percent, LG Chem climbed 1.06 percent, Lotte Chemical gathered 0.54 percent, S-Oil soared 3.44 percent, SK Innovation was up 0.50 percent, POSCO advanced 0.97 percent, Daewoo Engineering & Construction surged 3.65 percent, Korea Shipbuilding lost 0.43 percent, SK Telecom declined 1.33 percent, KEPCO strengthened 1.38 percent, Hyundai Mobis gained 0.67 percent, Hyundai Motor jumped 1.55 percent, Kia Motors spiked 1.98 percent and KB Financial, LG Electronics and SK Hynix were unchanged.

The Reserve Bank of Australia will on Tuesday release the minutes from its monetary policy meeting on August 2, setting the pace for a light day in Asia-Pacific economic activity.

The Canadian market ended flat on Monday, recovering gradually after a sharp early setback. Healthcare and consumer discretionary stocks posted strong gains, aiding market's recovery.

The U.S. dollar climbed higher and scored gains over most of its major counterparts on Monday amid bets the Federal Reserve will aggressively hike rates. Weak economic data out of China contributed as well to the dollar's strength.