Bank of Japan Governor Kazuo Ueda said on Tuesday the central bank will patiently maintain its ultra-loose monetary as there is some distance to sustainably achieve its 2% inflation target, downplaying expectations for a policy change in the near-term.

China's factory activity likely contracted further in May, a Reuters poll showed on Monday, adding to pressures facing the world second-biggest economy amid an uneven economic recovery from the COVID-19 pandemic.

The cap on government spending in Washington’s deal to raise the federal debt limit adds a fresh headwind to a US economy already burdened by the highest interest rates in decades and reduced access to credit.

Asian stocks were mostly higher on Tuesday as investors cheered the prospect that the world's largest economy will avert a major debt default, improving sentiment across most asset classes.

Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., the world's biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave output quotas unchanged capped gains.

The U.S. dollar fell on Tuesday against a basket of major currencies but did not drift far from a two-month peak, after a deal over the U.S. debt ceiling lifted risk sentiment, although the agreement could face a rocky path through Congress.