US consumer confidence rose from 48.6 to 50.2 in October, above forecasts centred on a result near 49.2. The Richmond Fed manufacturing index rose from minus 2 to plus 5 in October. And US chain store sales have risen 0.3pct in October to date compared with September.

Two gauges of US home prices have given conflicting results. The US Federal Housing Finance Agency reports that home prices rose by 0.4pct in August to stand 2.4pct lower than a year ago. But the S&P/Case Shiller composite index of 20 metropolitan areas fell 0.3pct in seasonally adjusted terms in August with the index actually 1.7pct higher than a year ago.

European shares eased on Tuesday. Mining company shares fell after the world's largest steelmaker, ArcelorMittal, predicted weaker earnings in the fourth quarter due to softer demand and higher costs. In London trade shares of BHP Billiton fell by 2.5pct with Rio Tinto down 1.2pct. The FTSEurofirst index fell by 0.2pct, with the UK FTSE down by 0.8pct while the German Dax lost 0.4pct.

US sharemarkets were choppy in thin trade on Tuesday as investors digested a huge number of earnings results. Shares in Ford Motor rose by 1.3pct after the motor giant reported better-than expected earnings. But shares of US Steel lost 3.3pct in response to the weak outlook painted by ArcelorMittal. The Dow Jones rose by 5pts or 0.1pct with the S&P 500 up less than 0.1pct while the Nasdaq lifted by almost 6.5pts or 0.3pct.

US treasuries fell on Tuesday (yields higher). Traders cited an increased supply of debt as driving the price declines with US$35 billion of two-year notes sold at auction. US 2yr yields rose 3pts to 0.395pct, and US 10yr yields rose 7pts to 2.64pct.

Major currencies fell against the greenback in European and US trade as investors took profits on recent gains. The Euro eased from US$1.3980 to US$1.3825, ending US trade near US$1.3850. The Aussie dollar eased from highs near US99.25c to US98.15c, before ending US trade near US98.40c. And the Japanese yen weakened from 80.60 yen per US dollar to JPY81.65, ending US trade near JPY81.45.

US crude oil prices were little changed on Tuesday. The Nymex crude oil contract rose by US3c to US$82.55 a barrel after trading from US$81.81 to US$82.88.

Base metal prices generally rose modestly on the London Metal Exchange on Tuesday, the exception being nickel, down 1.2pct. Zinc rose 2pct, aluminium rose 0.7pct, lead rose 0.3pct and copper was flat. And the gold price was just slightly lower with the Comex gold futures price down by US30c an ounce to US$1,338.60. But silver rose 1.5pct and palladium hit 9-year highs.

Ahead: In Australia, the Consumer Price Index is released. National Australia Bank releases profit results. In the US, durable goods orders and new home sales data are released.

Newsletter: Subscribe to receive this report daily