Asian Shares Mostly Lower Ahead Of Central Bank Meetings

(RTTNews) - Asian stocks fell broadly on Tuesday as investors awaited cues from a slew of central bank meetings around the world and mega-cap U.S. tech earnings.

The Federal Reserve, the Bank of England and the Bank of Japan are holding their monetary policy meetings this week while Microsoft is set to report its financial results on Tuesday, Meta Platforms on Wednesday and Apple and Amazon on Thursday.

The Fed announces its monetary policy decision on Wednesday, with analysts expecting no change in interest rates.

However, the accompanying statement may offer hints on whether there will be a rate cut in September.

The dollar held in a tight range in Asian trade and Treasury yields held relatively steady while gold edged higher on rate cut expectations. Oil extended recent losses on China demand concerns.

China's Shanghai Composite index dropped 0.43 percent to 2,879.30 and Hong Kong's Hang Seng index fell 1.37 percent to 17,002.91 ahead of Chinese factory activity data due this week.

Japanese markets eked out modest gains as data showed the nation's unemployment rate dipped to 2.5 percent in June from 2.6 percent in the previous month, marking the first improvement in five months.

The Nikkei average edged up 0.15 percent to 38,525.95 while the broader Topix index settled 0.19 percent lower at 2,754.45.

Seoul stocks fell sharply, with the Kospi average falling 0.99 percent to 2,738.19 ahead of Samsung earnings.

Australian stocks closed lower ahead of domestic CPI data due on Wednesday. The benchmark S&P ASX 200 dipped 0.46 percent to 7,953.20, with miners leading losses. The broader All Ordinaries index shed 0.58 percent to finish at 8,176.60.

Fortescue Metals Group plunged 10.2 percent after Capital Group Cos. sold a A$1.9 billion ($1.2 billion) stake in the iron ore miner.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index climbed 0.63 percent to 12,391.05.

U.S. stocks fluctuated before ending narrowly mixed overnight as investors braced for key tech earnings and the FOMC meeting.

The Dow slipped 0.1 percent while the S&P 500 and the tech-heavy Nasdaq Composite ended flat with a positive bias.

European stocks ended Monday's session broadly lower, failing to hold early gains amid escalating tensions in the Middle East.