This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets traded mixed Tuesday as investors continued to assess the global trade climate after U.S. President Donald Trump deferred 50% tariffs on European Union imports.

Japan's benchmark Nikkei 225 ended the day 0.51% higher at 37,724.11 while the broader Topix index rose 0.64% to 2,769.49.

In South Korea, the Kospi index fell 0.27% to close at 2,637.22, reversing course from its three-month high in Monday's session, while the small-cap Kosdaq moved up 0.25% to 727.11 in choppy trade.

Mainland China's CSI 300 index retreated 0.54% to close at 3,839.40, while Hong Kong's Hang Seng Index gained 0.43% to end the day at 23,381.99. China's industrial profits rose 1.4% in April, compared to 0.8% the month before.

Meanwhile, India's benchmark Nifty 50 declined 0.6% while the BSE Sensex dropped 0.79% as at 1.46 p.m. Indian Standard Time.

Over in Australia, the S&P/ASX 200 advanced 0.56% to end the day at 8,407.6, signaling the benchmark's third day in positive territory.

U.S. markets were closed on Monday for the Memorial Day holiday.

U.S. futures jumped as investors welcomed Trump's postponement of tariffs on imports from the European Union.

Dow Jones Industrial Average futures added 407 points, or 1%. S&P 500 futures climbed 1.1%, while Nasdaq 100 futures popped 1.3%.

— CNBC's Alex Harring contributed to this report.

Yields on Japan's super-long bond yields slide on potential

Yields on super-long Japanese government bonds (JGBs) fell Tuesday, following reports by Reuters that the country's finance ministry may reduce the issuance of those bonds.

Citing sources familiar with the matter, the publication reported that the ministry may consider tweaking the composition of its bond program for the current fiscal years, which could involve trimming the issuance of super-long bonds.

As at 3.20 p.m. local time, the yield on 30-year JGBs fell 6 basis points to 2.859%, its lowest since May 14, while the 20-year JGB yield fell 7 basis points to 2.351%.

Meanwhile, the two-year JGB yield edged up by a basis points to 0.732%, while the five year-JGB yield was last seen up 1 basis point to 1.002%.

— Amala Balakrishner

Asian currencies continue rally as the dollar weakens on fears of ballooning U.S. debt

Asia-Pacific currencies continued to rally Tuesday as the greenback extended declines as U.S. President Donald Trump's tax bill threatens to pile on debt.

The U.S. dollar index had declined 0.23% to 98.882 as at 12.13 p.m. Singapore time.

The Japanese yen strengthened 0.31% against the dollar to 142.40, after Bank of Japan Governor Kazuo Ueda indicated his intention to continue to raise interest rates if the economy improves.

Similarly, the Taiwanese dollar advanced for the sixth consecutive day and was last seen 0.12% stronger than the greenback at 29.879.

Meanwhile, the South Korean won was flat against the dollar to 1,368.12.

Elsewhere in Southeast Asia, the Malaysian ringgit appreciated by 0.17% against the dollar to 4.2080, after hitting its highest level in nearly three weeks earlier in the session.

— Amala Balakrishner

HK-listed Chinese bubble tea companies gain sharply

Shares of Chinese bubble tea companies gained Tuesday, despite weakness in the Hang Seng Index.

Strong moves were seen in Mixue which jumped as much as 9.21% Tuesday, reversing course from four consecutive days of decline.

The company, which is known for its milk tea, fruit drinks, ice cream and coffee, has seen substantial investor interest given its popularity among consumers and strong international expansion plans. Its shares have more than doubled since its listing on Mar. 3.

Other Chinese bubble tea companies listed in Hong Kong also traded higher with Nayuki up 4.55%, while Sichuan Baicha Baidao surged 7.79% and Guming rose 7.85%.

— Amala Balakrishner

Japan loses top creditor status despite record high in net external assets

Germany has overtaken Japan as the world's largest creditor nation, ending a 34-year record for the East Asian nation.

Japan's net external assets hit 533.05 trillion yen ($3.73 trillion) in 2024, rising 12.9%, or 60.9 trillion from the year before, data released by its Ministry of Finance Tuesday showed.

However, the increase in net external assets was still smaller than Germany's, which held €3.5 trillion ($3.78 trillion) at the end of 2024. Meanwhile, China placed third with $3.3 trillion in net financial assets.

Japan's rising interest rates and shift toward conventional monetary policy made its domestic assets more attractive, reducing the incentive for investments to flow abroad and weakening its net creditor position.

Net external assets, also known as the Net International Investment Position, measure the difference between a country's foreign assets and what it owes to the rest of the world.

— Amala Balakrishner

Meituan shares slip to eight-month low on intensifying competition

Shares in Meituan fell as much as 5.49% on Tuesday after briefly hitting an eight-month low earlier in the session.

This marks the Chinese food delivery platform's second consecutive day of decline and comes after it cautioned that its second quarter would likely be hit by increased competition in so-called "instant retail".

The company's CEO Wang Xing told analysts on a post-earnings call Monday that it was "impossible" to give accurate financial guidance for the rest of the year amid stiffer competition.

His comments come even as Meituan's revenue rose 18% year on year to 86.6 billion yuan ($12.1 billion) in the three-month period ended March, above the 85.4 billion yuan forecast by analysts on LSEG.

HSBC has a buy rating on the stock but has cut its target price to 160 Hong Kong dollars ($20.42) from 165 Hong Kong dollars previously, as "competition pressure may continue to weigh on the share price in the near-term."

"Food delivery revenue growth could lag order growth, dragging earnings and UE (user engagement) outlook. But this drag may diminish over time as subsidy pressure improves from 2026 onwards," the bank's analysts wrote in a Tuesday note.

— Amala Balakrishner

Shares in China's BYD extend decline for second day

Shares of BYD continued to decline for the second day on Tuesday, as investors assessed the Chinese electric-vehicle giant's price cuts on May 23.

Its shares fell as much as 2.96% in early trade Tuesday, following a plunge of over 9% the day before.

Read the full story here.

— Amala Balakrishner

Spot gold loses shine after U.S.-EU trade deal

Spot gold traded flat Tuesday as investors bet on a recovery in stocks and riskier assets following the U.S. extending its 50% tariff deadline on the European Union.

As at 8.41 a.m. Singapore time, the bullion trading at $3,343.91 per ounce.

The precious metal — which is a traditional hedge against political and financial instability — declined 0.7% on Monday following the announcement of the trade deal.

— Amala Balakrishner