Asian shares rise, US dollar weakens as gold jumps
Global shares reached an intraday record on Monday on trade optimism, but a marathon debate in the US Senate over a bill estimated to add $US3.3 trillion ($A5 trillion) to the US debt pile weighed on sentiment.
Japan's Nikkei gauge of shares sank as much as 1.1 per cent as the yen climbed on Tuesday. Oil fell for a second consecutive session and gold advanced.
A vote on Trump's sweeping tax-cut and spending bill had been expected during the Asian trading day on Tuesday, but debate raged on over a long series of amendments by Republicans and the minority Democrats.
Trump wants the bill passed before the July 4 Independence Day holiday. As global trade negotiators scramble to get deals done before Trump's tariff deadlines, investors are also anticipating key US labour market data on Thursday.
"Trade is front and centre this week, but alongside that, we've obviously got the fate of the 'One Big Beautiful Bill', which is currently being debated in the Senate," said Ray Attrill, head of FX strategy at the National Australia Bank.
Payrolls data later in the week "does have significant bearing, I think, on sentiment towards the potential timing of Fed rate cuts", he added in a podcast.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent, led by South Korea's Kospi gauge , rising 1.8 per cent.
The dollar dropped 0.3 per cent to 143.62 yen. The greenback slid 0.1 per cent to $1.1794 against the European single currency and earlier touched $1.1798, the weakest since September 2021.
US crude dipped 0.4 per cent to $US64.86 ($A99.10) a barrel, weighed by expectations of an OPEC+ output hike in August. Spot gold rose 0.5 per cent to $US3,319.55 ($A5,071.88) per ounce.
Pan-region Euro Stoxx 50 futures were up 0.1 per cent at while German DAX futures were up 0.2 per cent.
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