Investing.com - Shares in Sydney fell as the central bank kept interest rates steady with Tokyo also down, while Shanghai posted solid gains.
The S&P/ASX 200 fell 0.96%, while the Nikkei 225 eased 0.85%.
The Reserve Bank of Australia held its cash rate at a record low 2% Tuesday as expected on Tuesday, signalling scope for easier policy if future economic data warrants such a move.
In China, the Shanghai Composite gained 2.36% with the yuan steady in trade thinned ahead of the upcoming Chinese New Year holidays.
The yuan was last at 6.5795 against the U.S. dollar shortly before lunch compared with Monday's official close price of 6.5792. The PBOC set the yuan fixing at 6.5510 compared with Monday's central parity of 6.5539.
Overnight, U.S. stocks were mixed on Monday in spite of a late rally on the first day of February, as the major indices attempt to rebound from a shaky opening month of the year amid sharp declines in oil prices and a massive sell-off in Chinese equities.
In Monday's session, crude oil and China continued to weigh, as the Dow Jones Industrial Average and the S&P 500 Composite index fell as much as 165 and 20 points respectively, before rallying late in the session. Both the Dow and the S&P 500 appeared primed to close in positive figures, but reversed territory in the final minutes. The rally was inspired by dovish comments from Federal Reserve governor Stanley Fischer, who reiterated on Monday that the U.S. central bank's monetary policy will remain accommodative in the near-term future, while the Fed raises rates gradually.
Any delays to the Fed's tightening cycle this year are viewed as bullish as for the major indices.
The Dow lost 17.12 or 0.12% to 16,449.18, while the NASDAQ Composite index added 6.42 or 0.14% to close at 4,620.37, extending gains from late last week. The S&P 500, meanwhile, inched down 0.86 or 0.04% to 1,939.38, as three of 10 sectors closed in the red.