SINGAPORE - Asian stocks fell on Tuesday as investors pondered looming U.S. interest rate cuts and awaited earnings from AI darling Nvidia, while rising tensions in the Middle East and supply concerns checked risk sentiment and lifted oil prices.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.36% lower on Tuesday, inching away from the one-month high it touched in the previous session.China's blue stock index CSI300 fell 0.28% while Hong Kong's Hang Seng index was 1% lower in early trading, dragged by lacklustre earnings from Temu-parent PDD Holdings due to lower consumer spending.
Mansoor Mohi-Uddin, chief economist at Bank of Singapore, said Powell did not clarify the size of the Fed’s upcoming rate cuts noting it "will depend on incoming data, the evolving outlook, and the balance of risks." Oil prices took a breather in early trading on Tuesday after rising 3% in the previous session due to supply concerns in the wake of escalating tensions in the Middle East and production cuts in Libya.
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