Equities were traded mixed across Asian bourses on Tuesday. Mainland China’s Shanghai Composite gained 0.19%, the S&P/ASX 200 in Australia rose 0.52%, and South Korean KOSPI added 0.28%.

Elsewhere, the Hong Kong’s Hang Seng index was down 0.46%, while Tokyo Nikkei 225 and Singapore’s FTSE Straits Times Index benchmarks was around flat from opening.

Overnight on Wall Street, major indexes climbed, extending the market's recent rally amid investor optimism the Federal Reserve can achieve a soft landing for the economy. The Dow Jones Industrial Average rose 0.45%, to 33,912.44, the S&P 500 gained 0.40%, to 4,297.14 and the Nasdaq Composite added 0.62%, to 13,128.05.



Oil reverses earlier losses on Tuesday. Though gains were capped as investors watched talks to revive the 2015 Iran nuclear deal and as fragile demand outlook hit the prices.

More oil could enter the market if Iran and the U.S. accept an offer from the EU, which would remove sanctions on Iranian oil exports. Iran on Monday responded to the EU’s "final" draft text to save a 2015 nuclear deal, an EU official said, but provided no details on Iran's response to the text. The Iranian foreign minister called on the U.S. to show flexibility to resolve remaining issues.

Discouraging economic data from China, the world's largest crude importer, also spurred fresh concerns about a potential global recession that could hit energy demand. The country's central bank cut lending rates to revive demand as data showed the economy slowing unexpectedly in July, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis.

Brent crude futures added 0.86% to $94.27 a barrel after falling to their lowest on Monday since before Russia sent troops into Ukraine on Feb. 24.

While the U.S. WTI crude futures rose 1.13% to $88.87 a barrel.

Market participants are awaited on the industry data on U.S. crude stockpiles due later today. Oil and gasoline stockpiles likely feel last week, while distillate inventories rose, a preliminary Reuters poll showed on Monday.



The dollar index held steady at 106.556, near a one-week peak recorded in the previous session as investors piled back into the safe-haven currency.



Spot gold was little changed at $1,780.90 per ounce, while U.S. gold futures fell 0.11% to $1,796.20.



Asian markets were mixed on Tuesday, struggled for direction as growth worries remain as dominant theme across the globe.

While the market may trade in positive-bias mode and looking forward to a brighter outlook in the ongoing earnings reporting season, China’s economic slowdown may indicate risk and a spike in recession fears.

Investors also keeping anxious to see if Wall Street can sustain its recent rally, as hopes that U.S. inflation has peaked and can achieve a soft landing for the economy will be tested by likely hawkish commentary from the Federal Reserve this week.

The Fed since March has delivered a stiff set of interest rate increases to battle inflation. Some investors have worried that an aggressive pace of rate hikes by the U.S. central bank could push the economy into recession.

Quarterly reports from big retailers are expected this week and will round out the Q2 reporting period. Results from Walmart Inc and Home Depot Inc are due before the bell on Tuesday. Target Corp is also due to report this week.