Asian stock markets were lacking direction early Tuesday, with Japan's benchmark index underperforming as investors were cautious amid a stronger yen and the central bank's latest monetary policy announcement. As was widely expected, the Bank of Japan announced during the trading day that it would stand pat on interest rates.

European stocks scored the highest close in five months Monday, with much of the action centered around Spanish equities after the central government in Madrid took control of the Catalonia region following its push for independence.

U.S. stocks closed lower Monday as a report that the House of Representatives is considering phasing in a cut to corporate taxes rather than enacting them immediately weighed on investors' confidence. Tax cuts are the centerpiece in President Donald Trump's business-friendly agenda and are viewed as critical to sustaining the stock market's record-setting rally.