Asian shares wobbled on Tuesday and bonds were firm as a profit warning from Walmart put consumption and company earnings under a cloud ahead of what is likely to be another sharp U.S. interest rate hike.

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MSCI's broadest gauge of Asia stocks outside Japan meandered just above flat. Japan's Nikkei fell 0.2 per cent and S&P 500 futures were down 0.4 per cent.

U.S. retailer Walmart Inc cut its profit forecast on Monday and said customers were paring back discretionary purchases as inflation bites household budgets. Shares fell 10 per cent after hours and rivals Target and Amazon also slid.

Investors are also awaiting a likely 75 basis point Federal Reserve interest rate increase later this week - with markets pricing about a 10 per cent risk of a larger hike, as well as waiting to see whether economic warning signs prompt a shift in rhetoric.

"We are leaning to the view that 75 bps is most likely but won't be the end unless they see some demand destruction and some tempering of inflation," said John Milroy, an investment adviser at Ord Minnett.

"We are fearful they have to materially slow the U.S. economy further."

Big technology companies such as Apple, Microsoft and Amazon.com are due to report earnings this week.