Shares in the Asia-Pacific traded mixed on Tuesday. Japan’s Nikkei 225 recovered from earlier losses to rise fractionally, up 0.08%. Mainland China’s Shanghai Composite added 1.06% and the KOSPI in South Korea gained 0.11%. Singapore’s FTSE Straits Times Index rose 0.35%.

In Australia, the S&P/ASX 200 ticked 0.32% lower, and the Hang Seng index in Hong Kong gave up early gains to fall 0.28%.



Oil prices rose on Tuesday, extending the previous session's 3% gain, as OPEC+ members agreed to a small production cut of 100,000 barrels per day to bolster prices.

Though gains were tamed by comments from the White House that U.S. President Joe Biden was committed to taking all steps necessary to shore up energy supplies and lower prices. Gains were also pared as the OPEC+ output deal was seen as a largely symbolic move to bolster prices after the market's recent slide, given that OPEC+ reportedly has been unable to meet its production targets.

Brent crude futures gained 1.20% to $93.28 a barrel, and U.S. crude futures rose 1.60% to $88.65 a barrel.



The dollar index was little changed after rising as high as 110.27 on Monday, a 20-year peak. It was last down 0.05% at 109.550.

The Reserve Bank of Australia raised rates by a half point to 2.35% as expected. The Australian dollar was at $0.6808 following the move.

The People’s Bank of China on Monday announced it would cut the foreign exchange reserve requirement ratio (RRR), freeing up dollars for banks to sell. The yuan steady at 6.9468 in offshore trade.



Gold prices rose on Tuesday, buoyed by a pullback in the dollar and safe haven buying due to worries about an economic slowdown, though the gains were capped by prospects of aggressive rate hikes to tame inflation.

Spot gold was up 0.45% at $1,718.50 per ounce, having risen nearly 1% earlier in the session. U.S. gold futures gained 0.30% to $1,727.70.

Spot silver rose 0.6% to $18.27 per ounce, platinum was 0.6% higher at $850.73 and palladium gained 0.7% to $2,047.96.



Asian shares mixed on Tuesday as investors bought back stocks after four straight sessions of losses, though caution about slowdown of the U.S. economy capped further gains. Investors also pinned hope on more clarity ahead of several central bank meetings.

China pledged to make renewed efforts to boost its economy. Chinese policymakers signalled a renewed sense of urgency for steps to shore up a flagging economy, saying this quarter was a critical time for policy action as evidence pointed to a further loss of economic momentum. China also cut a foreign exchange reserves ratio to support the yuan, another signal authorities are uncomfortable with the currency's slide.

Some buying interest in energy stocks could be seen today, as the OPEC+ had decided to cut its output.

Wrapping up its September policy meeting, Australia’s central bank raised its cash rate 50-bps to a seven-year high of 2.35% and left the door wide open for yet more tightening ahead as it fights to restrain surging inflation. Investors now eye the European Central Bank's rate action when it meets on Thursday, while a hefty interest rate hike is also expected from U.S. Federal Reserve Sept. 20-21 policy meet.