Shorter-dated bond yields may also be in focus as some traders question the Federal Reserve’s tightening plans.
Futures on equity gauges in Japan and Australia indicated declines when trading starts, while Hong Kong and China may nudge higher.
The S&P 500 finished on Friday just short of a 10% decline from its record September high and remains on pace for the worst month since 2009.
Treasuries were well bid last week, dragging the 10-year yield back down to 3.08% after setting a seven-year high of 3.26% earlier this month.
The offshore yuan held near the lowest level in a decade amid expectations China will ease policy to stem a growth slowdown.
Global equities will face more tests this week amid a slew of earnings releases.
Traders are paring wagers on Fed rate hikes for next year, with markets now expecting fewer than two quarter-point increases in 2019, compared with three that policy makers project.
The yuan has tumbled 9% against the dollar in the past six months, stoking debate over whether officials might intervene to prevent it sliding past the milestone of 7 against the dollar – a level not reached since the global financial crisis.
It’s being dragged down by trade tension with the US and bets of further monetary easing by the People’s Bank of China.
Elsewhere, the euro dipped. Germany’s governing parties fell to their worst results in decades in a vote in Frankfurt’s home state of Hesse, delivering another blow to Chancellor Angela Merkel.
In Brazil, far-right candidate Jair Bolsonaro, a former Army captain who wants to privatise state companies in an ailing economy, won the presidential election, according to newspaper O Globo.
In Italy, the debt crisis remains in focus. The country avoided a second rating downgrade in a week as S&P Global Ratings decided only to lower its outlook on the nation’s creditworthiness amid market unease.