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Investors are focused this week’s Fed meeting and the impact of People’s Bank of China monetary tightening, with inflationary pressures coming to the fore of global central-bank thinking. The market sees 100 percent odds of a rate hike in the U.S. Wednesday, and a two-in-three chance of additional tightening by June. Chinese regulators are pushing money market rates higher and curbing leveraged purchases of both stocks and bonds.

The Bank of Japan is likely to give a more upbeat view of the economy at next week's rate review, sources say, as a pick-up in emerging Asian demand and positive signs in private consumption improve prospects for a solid, export-driven recovery.

China’s home sales grew at the slowest pace this year in November, as renewed property curbs in red-hot markets hurt demand.

The value of new homes sold rose 16 percent to 910 billion yuan ($132 billion) last month from a year earlier, according to Bloomberg calculations based on data the National Bureau of Statistics released Tuesday. The increase compares with a 38 percent year-on-year gain the previous month.

Oil prices dipped on Tuesday as investors closed financial positions that profited from strong gains the day before.

But traders said prices were prevented from falling further by soaring demand in Asia and a supply cut by Abu Dhabi as part of production curbs organized by OPEC and other exporters.

International Brent crude futures LCOc1 was trading at $55.65 per barrel at 0648 GMT, down 4 cents from its last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 was down 8 cents at $52.75 a barrel, with U.S. producers not participating in production cuts.