Shares in Asia were mostly higher following a tech-driven rally Friday on Wall Street, as investors look ahead to crucial US inflation data due Tuesday.

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Stocks rose in Japan and South Korea, along with Hong Kong futures, while Australian shares were slightly lower in early trading Monday. The moves followed a 2.3% gain Friday for the tech-heavy Nasdaq 100, helped along by a record high for Microsoft Corp. The S&P 500 rose 1.6%. US stock futures slid in Asia early Monday.

Markets are closed in Singapore and Malaysia for a holiday.

Australian and New Zealand government bonds edged lower after short-dated Treasuries sold off on Friday. Those declines failed to weigh on the long end of the curve. The 30-year yield was left largely unchanged while the 10-year yield rose three basis points.

Both Treasuries and the dollar were steady early Monday.

“We are going to see a change in policy in Japan and that is going to make the yen attractive,” Sonal Desai, chief investment officer for fixed income at Franklin Templeton, said in an interview with Bloomberg Television. “The BOJ will ultimately be pushed towards changing its own interest rate stance which will bring money back.”

Japanese producer prices declined in October from the prior month. India will release its latest inflation report Monday and new loan and money supply figures for China could also be released.

In the US, inflation is anticipated to have declined to a year-over-year rate of 3.3% in October, down from 3.7% recorded in the prior month, when the data is released Tuesday. Many bond investors are convinced a sustained rally in Treasuries will fail to occur without a clear economic slowdown. US President Joe Biden and his Chinese counterpart Xi Jinping meet Wednesday.

ANZ Group Holdings Ltd. shares fell after the bank’s chief executive officer warned of a challenging economic environment ahead in its latest earnings results. Profits for the group were buoyed by higher interest rates.

Other companies set to report Monday include Apple supplier Hon Hai Precision Industry, also known as Foxconn, Chinese tech giants JD.com Inc and Tencent Holdings Ltd., Japanese financial heavyweights Mitsubishi UFJ Financial Group and Mizuho Financial Group, Walmart Inc. and Siemens.

Australia is grappling with the fallout of a cyberattack on port operator DP World Plc as the holiday season approaches. Operations at its largest ports are slowly resuming, the Freight & Trade Alliance said Monday.

JD.com and Alibaba Group Holding reported a pickup in sales for Singles’ Day, following steep discounts offered by the e-commerce groups.

Elsewhere, oil trimmed gains from Friday against the backdrop of concerns over global demand. Gold was little changed. Bitcoin hovered near $37,000 — around the highest price in 18 months.

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