Asia-Pacific markets slipped on Tuesday, trailing a mixed session on Wall Street.

Investors saw a light day in terms of economic data out of Asian countries. Meanwhile, Hyundai Motor India made its trading debut after a record IPO.

Shares were trading down at 1,860 rupees from their initial public offering price of 1,960 rupees, according to BSE data. The automaker had offered 142.19 million shares at a price band of 1,865 Indian rupees ($22.18) to 1,960 rupees. The IPO fetched 278.56 billion rupees, or $3.3 billion.

Australia’s S&P/ASX 200 was down 1.66% to close at 8,205.7, its lowest level in almost 2 weeks, while South Korea’s Kospi slipped 1.28% and its small cap Kosdaq lost 2.68%.

Japan’s benchmark Nikkei 225 fell 1.39% to 38,411.96, while the broad based Topix was trading down 1.06% at 2,651.47.

Hong Kong’s Hang Seng index was close to the flatline, while the mainland Chinese CSI 300 inched down 0.21%.

During the U.S. trading session, two Federal Reserve officials had spoken about the trajectory of interest rates.

Minneapolis Fed President Neel Kashkari, noting the U.S.’ resilient economy and strong labor market, said the longer term trajectory for interest rates could be higher than it has in the past.

Dallas Federal Reserve President Lorie Logan said she supports the current move to lowering interest rates, but that a patient approach will be needed.

Overnight in the U.S., stocks ended mixed as Treasury yields rose and investors awaited new earnings reports.

The S&P 500 slipped 0.18% and the 30-stock Dow lost 0.8%, and snapped a three-day run of winning sessions. The Nasdaq Composite was the outlier, rising 0.27%.

— CNBC’s Pia Singh and Sarah Min contributed to this report.

SINGAPORE — Chinese markets skyrocketed over 10% at the open Tuesday, after coming back from the Golden Week holiday as the rally from Beijing’s stimulus measures continued.

The CSI 300 index was up 10.2% in early deals, before paring some gains to record a rise of about 7.5%, but Hong Kong’s Hang Seng index plummeted over 6%.

Other Asia-Pacific markets mostly fell on Tuesday, with investors watching August pay and spending data out from Japan.

Household spending in Japan fell 1.9% year-on-year in August in real terms, a softer fall compared to the 2.6% decline expected by a Reuters poll of economists.

The drop is the fastest pace of decline since January, which saw a 6.3% fall year-on-year. That decline also came before spring wage negotiations delivered the largest pay hikes to unionized Japanese workers in 33 years.

However, real wages rose in August, with data from the country’s statistics bureau indicating that wages climbed 2% to an average of 574,334 yen ($3,877.44).

Overnight in the U.S., stocks slid as rising oil prices and higher Treasury yields weighed on market sentiment.

The Dow Jones Industrial Average dropped 0.94%, while the S&P 500 slid 0.96%. The Nasdaq Composite  saw the largest loss, falling 1.18%.

The benchmark 10-year Treasury yield rose to 4.02%, marking the first time since August that the yield topped 4%.

Oil prices also rose as tensions in the Middle East remain high. U.S. crude climbed more than 3% to settle above $77 per barrel.

— CNBC’s Lisa Kailai Han and Jesse Pound contributed to this report.

Japan’s ruling party election has entered a runoff between economic security minister Sanae Takaichi and former defense minister Shigeru Ishiba to decide the presumptive next leader of the nation.

The two candidates secured the most votes in a poll earlier Friday, but failed to win a simple majority amid a crowded field. The contest had featured a record nine candidates and now will result in either Japan’s first female premier or see a seasoned politician finally assume the post.

Outgoing Prime Minister Fumio Kishida had thrown the Liberal Democratic Party for a loop when he announced in August that he would not be running for its top office, effectively ending his three-year term. 

The winner of the LDP poll is expected to be approved as prime minister in a vote by parliament on Oct. 1 and will inherit a government marked by a corruption scandal and an economy in transition. The party has a majority in both chambers of the legislature, effectively ensuring its chief becomes the next prime minister.

Polls had suggested that the favorites in the election included ex-environment minister Shinjiro Koizumi alongside Takaichi and Ishiba. However, the politician, who was vying to be Japan’s youngest ever prime minister, was unable to secure enough votes to advance to the next round.

Ishiba, 67, is running for the post for a fifth time and has endorsed the Bank of Japan’s policy of steadily raising interest rates and voiced concerns about depreciation of the yen. He has also called for the establishment of an Asian NATO to deter threats from China and North Korea.

Takaichi, 63, was one of two women in the race and has argued that Japan’s economy needs more fiscal stimulus and to strengthen in fields including diplomacy and defense. Unlike Ishiba, she has warned against the BOJ raising interest rates further.

Japan’s new leader will have to steer the country through a precarious economic and political period.

Challenges facing the country include its transition from three decades of stagnation, mounting diplomatic and security challenges posed by China and a potential second Trump term in the U.S., and a demographic crisis as the country rapidly ages.