Asian stocks on the back foot ahead of RBA

Despite the rally in oil prices and a positive close on the Wall Street overnight, the Asian stocks traded mixed on Tuesday, as most traders prefer to remain on the side-lines ahead of the RBA policy decision.

Most Asian markets trade range-bound to lower; while the Japanese indices defend mild gains as the JPY buying appears to have stalled this session, providing some respite to the exporters’ stocks. While the Australian markets tread water, awaiting fresh impetus from the RBA’s cash rate announcement.

The Japanese benchmark index, the Nikkei 225 trades +0.22% at 17,074. The Australian S&P/ASX 200 drops -0.22% to 5,417 points.

The Chinese equities swing either side; with the benchmark Shanghai Composite index trading -0.09%, the CSI300 index trades modestly lower. While Hong Kong markets trade +0.14% at 23,680 points.