Investing.com - Shares in Asia fell on Tuesday with Shanghai down further as investors turned cautious.
The benchmark Shanghai Composite Index was last down 1.26% and the S&P/ASX 200 eased 0.40%. The Nikkei 225 fell 0.35%.
The yuan was down against the U.S. dollar Tuesday after the People's Bank of China set a weaker fixing at 6.5288 against the dollar.
A weaker yuan has not had a direct impact on China's foreign-trade growth, Minister of Commerce Gao Hucheng said at a news conference Tuesday.
"I don't believe yuan exchange-rate volatility since the August reform can have big impact on our trade," Gao said.
Overnight, U.S. stocks rose considerably on Monday, extending sharp gains from last week as a surge in oil futures bolstered the major indices overall.
The Dow Jones Industrial Average and the S&P 500 Composite index both jumped more than 1% to emerge out of correction territory, while the NASDAQ Composite index also continued a recent hot streak by finishing with its fifth winning session over the last six trading days. At the end of Monday's session, the major indices erased all of their losses dating back to the start of February when a disastrous start to the new year sparked fears of an impending recession.
The Dow gained 228.53 or 1.39% to 16,620.52, while the NASDAQ added 66.18 or 1.47% to 4,570.61, amid strong performances among semiconductor and media stocks. The S&P 500 Composite index, meanwhile, gained 27.72 or 1.45% to 1,945.50, as all 10 sectors closed in the green. Stocks in the Energy and Basic Materials sectors led, each gaining at least 2% on the session.