Some of Japan's biggest companies are expected to formally offer sizeable pay increases at annual talks with unions that wrap up on Wednesday, clearing the way for the central bank to end negative interest rates as early as next week.

Headline U.S. consumer price growth accelerated in February, while the underlying measure was faster than anticipated, in a sign of sticky inflationary pressures that could complicate the timing of potential Federal Reserve interest rate cuts this year.

Malaysia's industrial production grew faster than expected in January, rising 4.3% from a year earlier, government data showed on Tuesday.

China's Xiaomi (OTC:XIACF) said on Tuesday it will start deliveries of its first electric vehicle (EV) model SU7 this month, venturing into the world's largest auto market amid a brutal price war.

Oil prices rose in early Asian trading, but price moves were limited as the market waited for monthly reports from oil agencies.

Asian stocks nudged higher on Tuesday ahead of the influential U.S. inflation report, while Japanese shares fell and the yen firmed on rising expectations that the Bank of Japan may be ready to exit ultra easy-monetary policy as early as next week.