Business Blog Posts

Japan's benchmark Nikkei average .N225 was down 0.42 percent, while the broader Topix .TOPX was off 0.47 percent.

MSCI's index of Asia Pacific shares outside Japan .MIAPJ0000PUS was down 0.09 percent, extending a two-week decline, but some markets, including Singapore, were closed for a holiday.

The euro inched higher, pulling away from a 7-week low hit the previous day. It remains vulnerable due to concerns about the debt of peripheral euro zone countries, although it gained some reprieve on Monday after euro zone finance ministers approved an emergency loan program for Portugal.

The dollar edged up 0.1 percent against the yen to 80.90 yen, having regained some ground after having dropped to 79.57 yen in early May, the dollar's lowest level against the yen since mid-March.

U.S. crude futures extended declines on Tuesday amid the global economic concerns and as U.S. industry data was expected to show a fourth-straight rise in the top consumer's crude oil inventories.

Crude was dragged lower as U.S. wholesale gasoline prices fell below $3 a gallon for the first time since March. NYMEX crude for June delivery was down 38 cents at $96.99 a barrel. London Brent crude for June delivery expired on Monday, settling down $1.10 at $112.73.

Gold held steady and silver rebounded from a 5 percent drop the previous session, as some Asian physical buying offset the influence of a slightly stronger dollar.

Spot gold edged up 0.1 percent to $1,490.75 an ounce. U.S. gold futures were little changed at $1,491.

Signs of a slowdown in the U.S. economic recovery pulled U.S. stocks and oil prices lower on Monday.

The Dow Jones industrial average .DJI lost 0.38 percent on Monday. The Standard & Poor's 500 Index .SPX fell 0.62 percent and the Nasdaq Composite Index .IXIC dropped 1.63 percent.

(Writing by Nick Macfie, editing by Jonathan Thatcher)