Asia markets set for mixed open ahead of Japan's corporate inflation; Nikkei poised to slide further

This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets are set for a mixed open ahead of Japan's corporate inflation figures for February, as well as trade data from the Philippines.

Japan's corporate inflation rate for January is expected to come in at 0.5%, according to a Reuters poll.

Investors will also be keeping an eye on inflation figures out of India as well as the U.S. later Tuesday, which could give a clue as to when the Federal Reserve will cut interest rates.

In Australia, the S&P/ASX 200 rebounded and gained 0.22% in early trade.

Meanwhile, Hong Kong's Hang Seng index looks to continue its gains, with futures at 16,700, pointing to a stronger open compared to the HSI's close of 16,587.57.

In contrast, Japan's Nikkei 225 is set to extend losses, with the futures contract in Chicago at 38,350 and its counterpart in Osaka at 38,180 against the index's last close of 38,820.

Overnight in the U.S., all three major indexes ended the session mixed as the tech rally continues to cool, with both the S&P 500 and Nasdaq Composite seeing a second straight negative session and falling 0.11% and 0.41%, respectively.

The Dow Jones Industrial Average bucked the trend, adding 0.12%.

— CNBC's Sarah Min and Alex Harring contributed to this report.

With sentiment and positioning elevated and valuations adequately reflecting good news in the market, UBS believes a correction could be ahead.

"The market looks more susceptible to pullbacks, although we don't believe investors should lose sight of the bigger picture," the bank's chief investment office wrote to clients Monday.

The team said investors should stay neutral on U.S. equities, noting that being invested in line with long-term targets make sense given the