Citi revised its 2024 economic growth forecast for China, lowering the expected gross domestic product (GDP) growth rate from 5.0% year-over-year (YoY) to 4.8% YoY. The adjustment comes in response to several factors indicating a slowdown in the country's economic momentum.

Oil traded near seven-week lows on Tuesday as a softening demand outlook weighed on commodities, while bond, currency and stock markets traded cautiously ahead of central bank meetings in the U.S. and Japan and a slew of major corporate earnings reports.

Oil prices fell to a near two-month low in Asian trade on Tuesday as a lack of immediate escalation in tensions between Israel and Hezbollah saw traders price out a risk premium from prices.

The dollar and yen kept within close ranges on Tuesday as traders awaited a barrage of key central bank decisions, kicking off with midweek monetary policy meetings from the Bank of Japan and Federal Reserve.

Asian shares bounced on Monday into a week packed with earnings and a trio of central bank meetings that could see the United States and UK open the door to easing, while Japan might lift borrowing costs in a step toward "normality".

Oil prices rose on Monday, paring last week's loss, on fears of a widening conflict in the Middle East following a rocket strike in the Israeli-occupied Golan Heights, which Israel and the United States blamed on Lebanese armed group Hezbollah.