Contracts on U.S. gauges were muted, following the S&P 500's retreat on Monday. Apple Inc. fell 0.4 per cent in premarket trading, after dropping from an all-time as it unveiled its new mixed-reality headset at a steep price. Sentiment on tech was also muted as Taiwan Semiconductor Manufacturing Co. — the main chipmaker to Apple — tempered its capital spending outlook.
The Reserve Bank of Australia, on the other hand, said inflation was still too high and tightener monetary policy may be required in the country. The Australian dollar gained as much as 1 per cent and the policy-sensitive three-year government note yield was around six basis points higher. In commodity markets, wheat surged after Ukraine said Russian forces blew up a giant dam in the country's south, unleashing a torrent of floodwater that threatens thousands of people and poses a potential threat to Black Sea grain supplies. Prices jumped as much as 3 per cent on Tuesday, extending their climb from a 30-month low last week.
Meanwhile, the U.S. dollar was steady. The Treasury on Monday began its bill issuance flood that saw buyers storming into the upsized three- and six-month auctions, a move that many have expected will drain liquidity from the system.
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