Global Markets on Edge Amid U.S. Legislative Uncertainities

Asian shares inched higher while the dollar hit near record lows amidst anticipation over a U.S. vote on Trump's tax and spending legislation. The global rally was set back by a Senate debate on the bill, impacting markets and investor sentiment on trade and labor data front.

Asian markets showed modest gains as traders awaited developments over U.S. President Trump's tax and spending vote. The dollar remained near record lows, reflecting investor caution.

On Monday, global markets rallied, driven by trade optimism. However, ongoing Senate discussions over a costly $3.3 trillion bill affected market sentiment. The bill's passage is a priority for the Trump administration ahead of the Independence Day holiday.

Amid these uncertainties, investors focused on upcoming U.S. labor market data, which could influence Federal Reserve decisions on rate cuts. Notably, Asian shares, including South Korea's Kospi, saw some positive movement, weathering trade tensions for now.

(With inputs from agencies.)