Asian stocks snapped a three-day winning streak on Tuesday, slipping as the bond market's rally paused and investors reined in enthusiasm about a possible peak in global interest rates.

Oil prices edged higher on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.

The dollar was steady on Tuesday, holding overnight gains as investors took a breather from a risk rally, while the Australian currency drifted lower ahead of a central bank interest rates decision later in the day.

Japan's services activity expanded at the slowest pace this year in October, a business survey showed on Monday, reinforcing concerns that the key sector propelling economic growth is continuing to soften.

China's industry minister said the country's industrial economy stablised and recovered in the first three quarters of 2023 and the new energy sector, such as electric cars, shined.

U.S. manufacturers reported an unexpectedly widespread fall in business activity in October, postponing the sector’s exit from the prolonged downturn that began in late 2022.