SINGAPORE -Asian stocks fell on Tuesday as investors pondered looming U.S. interest rate cuts and awaited earnings from AI darling Nvidia (NASDAQ:Gold prices were just shy of a record peak, while the dollar steadied and the yen hovered near its highest in three weeks as investors sough safety amid geopolitical risks, with Israel and Lebanon's Hezbollah exchanging fire on Sunday.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.48% lower on Tuesday, inching away from the one-month high it touched in the previous session.Also weighing on sentiment was the move by Canada, following the lead of the United States and European Union, to impose a 100% tariff on imports of Chinese electric vehicles and a 25% tariff on imported steel and aluminium from China.
Investor attention will be on the U.S. personal consumption expenditure price index - the Fed's preferred gauge of inflation - due on Friday and then the August payrolls report next week. "We continue to see the Fed making two 25 bps rate cuts this year to the benefit of risk assets. We think a 50 bps cut next month is only likely if the payrolls report shows another jump in unemployment."
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