By Gina Lee

Investing.com – Asia Pacific stocks were mostly down on Tuesday morning, with investors assessing the uncertain global economic outlook and monetary policies.

Japan’s fell 0.51% by 10:37 PM ET (2:37 AM GMT), while South Korea’s fell 0.81%.

Australia’s inflation rate was 0.05%.

Hong Kong’s fell 1.12%.

China’s inched down 0.19% while the was down 0.47%. In an attempt to counter the severe impact of COVID-19-related business lockdowns, China offered more than 140 Billion Yuan ($21B) tax relief at its Monday meeting.

The decline was 1.34% and the fall of 0.80%. Snapchat owner Snap Inc (NYSE:).’s shares tumble 28% after it warned of a worsening macroeconomic trend and said the company is not likely to meet the second quarter’s revenue and profit forecasts.

Markets have taken some comfort from U.S. President Joe Biden’s comments that he was considering easing sanctions on China, as well as Beijing’s ongoing promises of stimulus.

Investors also evaluate the outlook for monetary and fiscal policy. Investors are now awaiting the minutes of the U.S. Federal Reserve’s last meeting on Wednesday. These could provide clues as to whether tightening will continue.

“That is a big risk that the Fed doesn’t get the big economy signals and keep marching along with a very aggressive tightening program,” Allspring Global Investments senior portfolio manager Margaret Patel told Bloomberg.

“But if they look at the real world out there, they will see it’s time to take a big pause and at that point we will evaluate the market and perhaps try to see to a way through without a recession,” Patel added.

Asia Pacific’s policy decision will be announced on Wednesday by the Bank of Korea, followed by the Bank of Japan the day after.

Data-wise, both, and, will be due today…