An index of Asian stocks eased back from more than two-week highs on Tuesday as traders squared positions heading into a key U.S. inflation report, although mainland Chinese shares and Japanese equities bucked the trend.

Chinese imports fell sharply in April, data showed on Tuesday, indicating that local demand remained weak despite a pick up in economic activity, although a bigger-than-expected rise in exports saw the country log a strong trade surplus.

Japan's consumer spending unexpectedly fell in March at the fastest rate in a year, while real wages marked a twelfth month of decline on persistent inflation, highlighting the challenges facing the economy in mounting a strong post-COVID revival.

Electric vehicle (EV) maker Lucid Group Inc reported lower-than-expected first-quarter revenue on Monday and trimmed its 2023 production forecast as a price war sparked by Tesla (NASDAQ:TSLA), rising interest rates and recession fears hurt sales.

U.S. wholesale inventories were unchanged for the second straight month in March, while softening demand meant that it would now take wholesalers the longest time in nearly three years to clear the current stock of goods.

British retail sales growth held steady in April but high inflation meant shoppers were getting less for their money, and unsettled weather discouraged many from buying summer clothes, a British Retail Consortium survey showed on Tuesday.