Asian stocks were mixed on Tuesday with risk appetite dealt a triple blow over developments in Iraq, Ukraine and Argentina.
Militants from the Islamic State of Iraq and the Levant (ISIL) took control of another town on Monday, Saqlaqiya, west of Baghdad, with the help of allied Sunni tribesmen. Government army officials also reported fighting south of the capital city. The U.S. is reportedly considering air strikes to support the Iraqi army forces, but has ruled out any coordinated military action with Iran.
Meanwhile, Russia cut off gas supplies to Ukraine on Monday after the two countries failed to agree on a payment scheme, according to Ukraine's energy minister.
Concerns about Argentina also weighed on sentiment. The U.S. Supreme Court on Monday said it would not consider an appeal against paying holdout creditors. That means Argentina now faces a possible default if it doesn't repay $1.3 billion to creditors by June 30th.