1. MSCI's broadest index of Asia-Pacific shares outside Japan wavered in and out of positive territory, and was last down 0.2 percent.
2. Japan's Nikkei dipped about 0.1 percent after a long weekend. Markets were closed for a national holiday yesterday.
3.Focus is back on China where local brokers are talking about market reforms, many of which have direct market impacts.
4. There's also a continued focus on the US Federal Reserve, with a lot of sell-side banter about quantifying what level of rate increase brokers are expecting.
5. Chinese shares dropped with the blue chip CSI300 index of the largest listed companies in Shanghai and Shenzhen down 1.2 percent and the Shanghai Composite Index down 1 percent.
On Monday, Wall Street edged down as Pfizer's plan to buy Allergan Plc in a USD 160 billion deal quickly drew criticism from politicians as a tax dodge.

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