Asian stocks turned mixed on Tuesday as mainland markets reversed their losses but lower oil prices still weighed on regional resource firms.
Traders paid attention to Chinese industrial profits data for hints on the chances of further monetary stimulus following Beijing's interest rate cut on Friday. Profits slipped 0.1 percent on year in September, from an 8.8 percent tumble in the previous month, but despite the monthly improvement, economists were pessimistic.
"Persistent slowdown in sales revenue and profits could feed into financial distress in heavily-indebted manufacturing firms, which we fear potentially cascading into the banking system," ING said in a morning note. "Averting such a hard-landing scenario depends on sustaining strong manufacturing growth and banking system liquidity. The policy easing already implemented and the scope for further easing make a soft landing the baseline scenario."
Shanghai up 0.1%
Nikkei slips 0.9%
Japan's Nikkei 225 deepened its losses, retreating from Monday's near two-month closing high.
Apple suppliers Murata Manufacturing and TDK fell 4 percent each ahead of the U.S. tech giant's earnings report later on Tuesday.
Seven & I Holdings surged 3 percent after Reuters reported that U.S. hedge fund Third Point bought a stake in the Japanese retailer and wants the company to downsize its general merchandise business to improve profitability.
Australia's index barely moved in quiet trade after touching a ten-week high of 5,384 points in the previous session.
Pension services firm Link Group, Australia's biggest initial public offering so far this year, spiked as much as 11 percent on its market debut.
Kospi drops 0.2%
Jakarta slides 0.4%
Profit-taking hit Indonesia's benchmark index after it closed at a more than two-month high in the previous session.