Reuters - Asia indexes rebounded from two-week lows Tuesday as rising commodity prices boosted market expectations of an improved growth outlook, a day after rising U.S. Treasury yields and inflation prospects hit U.S. technology shares.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2% after dipping to 719.8, the lowest in two weeks. The gauge has eased from last week's record top but is still up just over 9% so far this year.

The Australian S&P/ASX 200 and Singapore's Straits Times index both gained 0.6% and Hong Kong advanced 1.1%. South Korea's Kospi was a prominent loser, down 0.3% and Taiwan eased 0.05%.

Japan markets were closed for a public holiday.

"A higher interest rate environment forces market participants to consider the opportunity costs of investments. Stocks that have significant borrowing, or produce no income for market participants, may be particularly vulnerable," said Michael McCarthy, chief market strategist at broker CMC Markets in Sydney.

On Wall Street, high-growth stocks such as Apple, Microsoft and Tesla weighed on the Nasdaq composite, which shed 2.5% Monday.

Commodity prices again strengthened Tuesday. Oil prices rose on a tight international supply outlook after U.S. production was hammered by frigid weather and an approaching meeting of top crude producers is expected to keep output largely in check.

Brent crude was up 2.2% at $66.7, a one-year high. Spot gold rose to a one-week high to $1,815.3 an ounce as inflation worries boosted the bullion's appeal as a hedge.

The strength in commodities kept the Australian dollar steady at $0.79 against the U.S. dollar, just near a three-year high.

Bond yields have risen sharply this month as prospects of more U.S. fiscal stimulus boosted hopes for a faster economic recovery internationally. However, that is also fueling inflation worries, prompting market participants to sell growth stocks that have rallied in recent months.

"Real U.S. interest rates are now in positive territory, which has created some concern around the consequences for equities markets," Cesar Perez Ruiz, chief investment officer at Pictet Wealth Management said in a report.

The dollar index was steady at 90.028, with the euro up 0.090% at $1.2165. The yen was little changed versus the greenback at 105.01 per dollar.

Cash Treasurys were not traded in Asia with Tokyo shut for holidays, but futures firmed slightly and showed an implied ten-year Treasury yield of 1.34%.

Markets will turn their focus to Federal Reserve Chairperson Jerome Powell who is delivering his semiannual testimony Tuesday. Powell is likely to reiterate a commitment to keeping policy super easy for as long as needed to drive inflation higher, analysts said.

"In addition to the ever-present question of what it may take for the Federal Reserve to consider tapering, the most pressing market participant interest is at what point the Federal Reserve could respond to the level or volatility of interest rates after the recent increases," foreign exchange strategist at Citi said in a note.