Asian markets struggled Tuesday to track another record day on Wall Street, with traders now awaiting the release of US inflation data that could dictate Federal Reserve policy in coming weeks.

The tepid performance came after a hot couple of weeks on trading floors fuelled by optimism over an easing of US monetary policy.

Last week’s interest rate cut came with Fed forecasts for two more before the end of the year as officials aim to shore up the stuttering labour market despite elevated inflation.

That puts in focus Friday’s report on personal consumption expenditures, the Fed’s preferred measure of inflation.

With trade subdued by a holiday in Japan and an approaching storm in Hong Kong, Asian markets drifted.

Hong Kong and Shanghai slipped with Manila and Wellington, while Sydney,

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