Asian stocks attempt recovery ahead of RBA

The stocks on the Asian bourses dropped on Tuesday, tracking subdued close on the Wall Street overnight. While the latest slump in oil prices also weighed heavily on the resource and energy stocks, dragging the region’s indices lower.

Additionally, the yen’s relative strength also dented the sentiment around exports-oriented stocks in Japan. However, over the last hours, the Asian equities are seen attempting a modest recovery, mainly driven by the Japanese stocks, in response to rebounding oil prices.

Although the recovery remains fragile amid increased nervousness ahead of the RBA policy decision due later this session.

Meanwhile, the Japanese benchmark index, the Nikkei 225 drops -0.68% to 16,522. The Australian markets also follow suit, with the S&P/ASX 200 sliding -0.32% to 5,569 points.

The Chinese equities wavered between gains and losses, with the benchmark Shanghai Composite index muted around 2,950; the CSI300 index loses -0.13%. While Hong Kong markets trade almost unchanged around 22,130 levels.