Singapore consumer price inflation remained subdued in May, with both headline and core inflation missing expectations as lower services inflation offset rising food, transport and accommodation costs.

Euro zone private sector activity shrank for a third straight month in June, though at a slower pace, as a modest recovery in tourism and leisure demand failed to fully offset a sustained fall in new business, a survey showed on Tuesday.

Japan's manufacturing sector sustained robust growth in June, with new orders surging to their fastest pace in more than four years, though cost pressures continued to intensify due to the repercussions from the Iran war, a survey showed on Tuesday.

Most Asian stocks fell sharply on Tuesday, led by a near 10% plunge in South Korea’s KOSPI as investors rushed to unwind positions in technology after a blistering rally in the sector. 

The United States waived sanctions on Iran for 60 days from Monday after the first talks under a nascent peace deal, while officials reported a sustained lull in fighting in Lebanon under the agreement aimed at ending hostilities across the region.

Iranian Foreign Minister Abbas Aragchi flagged “major progress” in peace talks with the U.S. held in Switzerland, while Pakistani and Qatari mediators said negotiations were set to continue.