US business activity slowed for a second straight month in September, and though firms complained about tariffs raising costs, they were not raising prices for their goods and services, which bodes well for the inflation outlook.
Stocks began the day on the back foot on Wednesday in Asia after declines on Wall Street overnight following comments from Federal Reserve (Fed) Chair Jerome Powell that gave little indication about the future path of interest rates.
Hefty US tariffs imposed on Southeast Asian countries will loom over a meeting between US Trade Representative Jamieson Greer and his regional counterparts in Kuala Lumpur on Wednesday that is meant to discuss a trade and investment agreement.
Most Asian stocks were rangebound on Tuesday, cooling after recent gains as mixed signals on U.S. interest rates and regulatory moves from President Donald Trump spurred heightened caution.
Oil prices edged lower in Asian trading on Tuesday as investors assessed the impact of mounting geopolitical tensions and the prospect of tougher sanctions on Russian energy flows.
The U.S. dollar faced continued pressure in Asian trading on Tuesday as traders parsed comments by members of the Federal Reserve for clues on the path of interest rates.