On Tuesday, Asian stocks demonstrated mixed performance as investors awaited crucial US inflation data that could influence the Federal Reserve's interest rate decisions. The market sentiment remains cautious amid concerns about potential rate cuts and their impact on economic recovery.

In New York, stocks rallied on Friday following strong non-farm payroll figures for March, although wage growth remained subdued. However, analysts caution that an upside surprise in this week's consumer price index report could unsettle markets.

Investors are now anticipating about 60 basis points of rate cuts this year, suggesting two reductions, with less than a 50 percent probability of three cuts, according to Bloomberg News. There is increasing speculation among some investors that the Fed may refrain from any rate cuts this year, adding to market uncertainty.

In Asia, Tokyo's Nikkei 225 index rose by 0.5 percent, supported by a weaker yen. Other markets such as Hong Kong, Sydney, Singapore, and Taipei also posted gains. However, Shanghai, Seoul, and Wellington experienced slight declines.

Looking ahead, the European Central Bank's policy meeting on Thursday is not expected to result in any changes, but improving inflation prospects have fueled expectations of future rate cuts. Additionally, the upcoming US earnings season will provide insights into the impact of inflation and interest rates on corporate performance.

Key figures at 0230 GMT:

- Tokyo (Nikkei 225): up 0.5 percent at 39,540.76
- Hong Kong (Hang Seng Index): up 1.0 percent at 16,905.96
- Shanghai (Composite): down 0.2 percent at 3,039.84
- Dollar/yen: down at 151.84 yen
- Euro/dollar: down at $1.0858
- Pound/dollar: down at $1.2654
- West Texas Intermediate (WTI) crude oil: up 0.4 percent at $86.75 per barrel
- Brent North Sea crude oil: up 0.4 percent at $90.73 per barrel

In summary, Asian markets remain cautious ahead of US inflation data, with mixed performance reflecting ongoing uncertainty over future monetary policy decisions.