Global Economy LIVE | Chinese real estate slumps, BP registers record profit

British multinational oil and gas company BP has announced more share buybacks after registering more than double the pofits of $8bn in the third quarter, on course for one of the most profitable years in its history.

Underlying profits for the three-month period were $8.2bn, up from $3.3bn a year earlier and far exceeding analysts’ average estimates of $6.1bn, reports Financial Times newspaper.

Toyota Motor Corp on Tuesday posted a worse-than-expected 25 per cent drop in quarterly profit and cut its annual output target, as the Japanese auto firm battles surging material costs and a continous semiconductor shortage.

The world's biggest automaker by sales also warned that it remained difficult to predict the future after posting its fourth consecutive quarterly profit decline, underlining the strength of business headwinds it faces.

China's real estate sector continued its slump in October hit by lacklustre consumer sentiment and potential recession amidst strict Covid measures.

According to Reuters news agency, which has cited private data, China's property sector  has slowed sharply in the past year as a result of a government clampdown on excessive borrowing by developers, and a COVID-19-induced economic slump.

Prices in 100 cities dropped for the fourth straight month in October, falling 0.01 per cent month-on-month after a decline of 0.02 per cent in September, according to a survey on Tuesday by China Index Academy (CIA), one of the country's largest independent real estate research firms.

On Tuesday, Australia's central bank hiked interest rates to 2.85 per cent, up 25 basis points. This was the seventh time that the RBA increased the rates in an effort to control inflation. 

Couple of days after Russia suspended its participation in the grain deal that allowed the export of Ukrainian grain, global wheat prices have shot exponentially shot up, rising nearly six per cent.

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The US dollar eased back on Tuesday from a one-week high against its major peers, as traders weighed what kind of message Federal Reserve officials will deliver at Wednesday's monetary policy meeting.

The risk-sensitive Australian and New Zealand dollars rose from one-week lows amid a broad lift in market sentiment.

Indian shares started November on a high on Tuesday, after rising for three straight sessions. Gains were seen across sectors as investors focus on this week's US Federal Reserve policy meeting.

The NSE Nifty 50 index rose 0.49 per cent to 18,100.40 as of 0352 GMT, while the S&P BSE Sensex was 0.48 per cent higher at 61,040.24.

Asian shares rose in early trade on Tuesday despite mild losses from Wall Street overnight. Investors have turned their focus to the Federal Reserve's policy meeting this week to understand what comes next.

The central bank is all but certain to raise interest rates by 75 basis points on Wednesday, but investors will look for any signals the Fed may be considering a deceleration in interest rate hikes in the future.

Oil prices moved lower on Tuesday, extending losses one per cent from the previous session. Even more extensive COVID-19 curbs in China have increased fears of slowing fuel demand in the world's second-largest oil consumer.

Brent crude for January delivery was down four cents at $92.77 a barrel at 0112 GMT. The December contract expired on Monday at $94.83 a barrel, down one per cent.

Gold prices were flat on Tuesday following their lowest levels in more than one week. Meanwhile, the dollar held firm ahead of the US Federal Reserve's policy meeting where the central bank is likely to deliver another oversized interest rate hike.

Pfizer is likely to show a fall in quarterly revenue in its results on Tuesday at 10 am EDT.

The New York City-based company is expected to report a 12.7 per cent decrease in revenue to $21.044 billion from $24.09 billion a year ago, according to the mean estimate from 13 analysts, based on Refinitiv data.