Asian stock markets in kicked off the week on a cautious note as traders dialled back expectations on the size of Federal Reserve easing later this month. Oil gained amid tensions in the Persian Gulf.

Stocks slipped in Japan, Hong Kong, and China, and were little changed in South Korea and Australia. Futures on the S&P 500 Index were flat after U.S. markets fell Friday.

Treasuries were steady after traders pared bets the Fed will slash rates by a half-point this month. China’s new stock venue for technology start-ups got off to a positive start as all 25 stocks rose on their debut, though the benchmark equity gauge in Shanghai was down almost 1%. The yen slipped.