Asian stocks slipped on Tuesday as a steady dollar undermined demand for emerging market assets while rising crude prices fueled worries about inflation and faster U.S. interest rate hikes.
MSCI’s broadest index of Asia-Pacific shares ticked up 0.17 percent.
Japan’s Nikkei closed down 0.2 percent and Australian stocks dropped 0.7 percent, while bourses in South Korea and Hong Kong were shut for holidays.
Stocks have risen recently on the hopes that trade tensions were easing, only to retreat as traders took the opposite view.
While the world economy remains strong and first-quarter earnings have been impressive, stock markets have mostly fluctuated this year as many investors have started to fear that the pace of the expansion has already reached its peak.