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Asia markets fall as Australia holds rates; investors assess inflation, business activity data

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Inflation readings from South Korea, Thailand and the Philippines are out Tuesday, as well as PMI readings from China, India and Hong Kong.

India's service sector activity expandedThe services purchasing managers index slipped from 62.3 in July to 60.1 in August, a weaker expansion rate compared to the 61.0 expected by a Reuters poll of economists.

"Asia Pacific, Europe, North America and the Middle East were among the sources of sales gains reported by panelists," the report said.The Reserve Bank of Australia held its benchmark policy rate at 4.1%, extending its pause to three straight months.that inflation in Australia has passed its peak and the inflation rate for July showed a further decline. "But inflation is still too high and will remain so for some time yet," Lowe added.

Despite this, Lowe did not give an indication for rate cuts, instead saying that some further tightening of monetary policy may be required, but that will continue to depend upon the data and the central bank's assessment of risks.Philippines inflation rises for first time since January, but core inflation slows

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