U.S. stocks look lower, Europe flattens out

In Australia, the main index gained 3.9% after the country's central bank chief said he believed coordinated global action to tackle the financial crisis had helped to avert a worldwide catastrophe. Resource giant Rio Tinto helped lead the way, soaring more than 12%.

"In all we're in a better place and conditions are better than two weeks ago," said Khiem Do, a Hong Kong-based fund manager who helps oversee about $8 billion of Asian equities at Baring Asset Management.

"The measures have pacified investor panic as far as the banking system is concerned. You have monetary easing in a number of countries. And you have a market that was oversold and started to offer very attractive valuations."

On oil markets, crude oil prices dipped 70 cents to $73.55 a barrel Tuesday on profit taking after Monday's gains on expectations that OPEC will try to halt a three-month slide in prices by cutting production quotas at least 1 million barrels a day.

The dollar fell 0.6% against the yen to 101.23 yen. The euro weakened 0.8% to $1.3233.

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