Asian markets slip, Kospi rallies 2% on chip gains

Most Asian markets traded lower on Tuesday, but South Korea's Kospi stood out with a rally of about 2% after reopening from a public holiday. Mettis Global, citing CNBC, said the gain was driven by chipmakers Samsung Electronics and SK Hynix, which rose about 3% and 5% respectively. Japan's Nikkei 225 gave up 0.9%, the broader Topix shed 0.28%, and Hong Kong's Hang Seng slipped 0.19%.

Wall Street ended Monday's session lower, weighed by persistent U.S.-Iran tensions and worries about inflation and Treasury yields. Oil rose by more than 2% as doubts over the U.S.-Iran ceasefire unsettled investors, while the 30-year Treasury yield reached a peak last seen in June 2007. The Dow and S&P 500 each fell 0.5%, and the Nasdaq Composite lost 0.3%.

Attention now turns to July's US import and export price readings, plus pending home sales and housing starts. Home Depot is also due to post its second-quarter results before the opening bell.