Most Asian stocks fell on Tuesday as investors booked some profits after several days of advances. Markets await cues from key central bank meetings due this week as well as a major annual economic planning conference in Beijing that will set policy priorities for the next 12 months.
China's Shanghai Composite index fell 41.38 points or 1.25 percent to 3,280.81 on growing expectations that China's central bank may raise open-market interest rates if the Fed decides to increase borrowing costs. Hong Kong's Hang Seng index was down 170 points or 0.60 percent at 28,792 in late trade.
Japanese shares gave up earlier gains to end lower as caution set in ahead of a two-day policy meeting of the U.S. Federal Reserve beginning later today.
The Nikkei average shed 72.56 points or 0.32 percent to close at 22,866.17, while the broader Topix index closed 0.1 percent higher at 1,815.08.
Oil firm Inpex rallied 3.5 percent, lender Mitsubishi UFJ Financial climbed 2.3 percent and brokerage Nomura Holdings rose 1.2 percent. Shipping stocks were in demand, tracking overnight gains in the Baltic dry index. Mitsui OSK Lines jumped 1.9 percent and Kawasaki Kisen advanced 1.5 percent.
Australian shares rose for a fourth consecutive session, helped by gains in energy and mining stocks. Investors shrugged off weak home price and consumer confidence data.
The benchmark S&P/ASX 200 index rose 14.90 points or 0.25 percent to 6,013.20 while the broader All Ordinaries index ended up 11.20 points or 0.18 percent at 6,093.10.
Higher base metal prices helped lift miners, with Rio Tinto, BHP Billiton and Fortescue Metals Group rising 1-2 percent.
Energy majors Santos, Oil Search, Woodside Petroleum and Origin Energy rallied 1-2 percent as Brent crude oil prices jumped above $65 per barrel for the first time since 2015 after the closure of a major North Sea pipeline for repair.
Lender ANZ gained 1.1 percent after Zurich Insurance agreed to buy its life insurance arm for A$2.85 billion ($2.15 billion). Commonwealth and NAB rose about half a percent each. Toll road operator Transurban entered a trading halt, pending a capital raising.
Seoul stocks fell modestly amid selling by foreign investors. The benchmark Kospi dropped 10.49 points or 0.42 percent to finish at 2,461.
New Zealand shares closed marginally higher ahead of Xero's departure from the benchmark index. The S&P/NZX50 index inched up 3.30 points or 0.04 percent to 8,280.81 while Xero shares dropped 1.7 percent. Retirement village stocks ended broadly lower, with Metlifecare falling as much as 2.5 percent to $5.95.
Malaysia's KLSE Composite index was moving up 0.1 percent even as data showed the country's industrial output growth eased at a faster-than-expected pace in October. Benchmark indexes in Indonesia, Singapore, Taiwan and India were down between 0.1 percent and half a percent.
Overnight, U.S. stocks closed modestly higher as healthcare and energy companies rose, offsetting losses among banks and industrial stocks.
The Dow inched up 0.2 percent and the S&P 500 added 0.3 percent to reach fresh record closing highs while the tech-heavy Nasdaq Composite advanced half a percent.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.