Asia stocks mostly rose on Tuesday, buoyed by expectations of a US rate cut as early as next week, even as political upheavals around the world kept currency and bond investors on edge.

In Hong Kong, the benchmark Hang Seng Index gained 77.16 points, or 0.30 percent, to open at 25,711.

Across the border, however, the benchmark Shanghai Composite Index was down 0.27 percent at 3,816 while the Shenzhen Component Index opened 0.54 percent lower at 12,598.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was down 1.09 percent to open at 2,901.

The 225-issue Nikkei Stock Average opened at 43,907, up 263 points, or 0.6 percent.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent in early trade, taking its cue from Wall Street's positive lead overnight that saw the Nasdaq notch a record-high close.

The Korea Composite Stock Price Index opened at 3,231, up 11 points, or 0.36 percent.

Nasdaq futures extended the rally from the cash session and were last up 0.06 percent, while S&P 500 futures similarly ticked up 0.05 percent.

Breathing new life into the equities rally were expectations that the US Federal Reserve would ease rates when it meets next week, following Friday's dismal US jobs report.

While consumer and producer price inflation data remain on deck in the week ahead, investors are betting that a 25-basis-point cut this month is a done deal, with focus now on whether the Fed could deliver a larger 50bp move.

The US Labor Department will also report a preliminary revision estimate to the employment level for the 12 months through March later in the day.

"Both publications are poised to influence the central bank's pace down the monetary policy stairs," said Jose Torres, senior economist at Interactive Brokers, referring to the producer price and consumer price index figures.

"A heavy subtraction from the worker roster alongside a downside miss on the CPI is likely to raise the odds of a half-percent to a coin flip."

Markets are now pricing in just over a 10 percent chance the Fed could lower rates by 50bp this month, compared to none a week ago, according to the CME FedWatch tool. (Reuters/Xinhua)