And the current selloff in U.S. equities may not have run its course yet.
"Asia will follow in sympathy of what they saw in New York because the trigger of the selloff is a New York event," said Claudio Irigoyen, the New York-based head of Latin America economics and fixed income strategy at Bank of America Merrill Lynch.
The key, he said, lies in the U.S. Treasury debt market. U.S. Treasury yields fell on Monday, as the stocks selloff sparked demand for the low-risk debt, after yields hit four-year highs on Friday.
Upward pressure on U.S. yields may not be over though as the Treasury is due to significantly increase its borrowing this year to make up for declining purchases from the U.S. central bank and to fund a fiscal deficit widening as a result of the Trump administration's tax cuts late last year.
"If you’re still having more of a rally in yields between now and tomorrow’s (stocks) open, that may lead people to think there’s more of a correction to come in equities," Irigoyen said.
"If yields stabilize people may be more willing to buy the dip in U.S. equities tomorrow," this would help underpin emerging equities, he said.
This article was provided by Reuters.