Asian equities climbed on Tuesday but could not break this month's highs as mixed messages from U.S. Federal Reserve policymakers left doubts hanging over the timing of interest rate cuts.

Singapore's February core inflation accelerated to its fastest pace in seven months, official data showed on Monday, as seasonal effects from the Lunar New Year drove services and food prices higher.

Japan's annual business-to-business service inflation held steady at 2.1% in February, suggesting companies continued to pass on rising labour costs thanks to prospects for sustained wage gains.

Oil prices rose slightly in Asian trade on Tuesday as expectations of tighter supplies were boosted by more output curbs in Russia, although the United Nations’ adoption of an Israel-Hamas ceasefire put a lid on gains. 

Sales of new U.S. single-family homes unexpectedly fell in February after mortgage rates increased during the month, but the underlying trend remained strong amid a chronic shortage of previously owned houses on the market.

The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency.