The International Monetary Fund has reportedly left its forecasts for the global economy unchanged with growth tipped at 4.4pct in 2011 and 4.5pct in 2012.

The US Federal Housing Finance Agency reports that home prices eased 0.3pct in January to be 3.9pct lower than a year ago. The Richmond Fed manufacturing index eased from +25 to +20 in March. And US chain store sales were up by 2.4pct last week compared with a year ago.

European shares eased on Tuesday with a range of issues weighing on investor sentiment. Higher-than-expected inflation data in the UK increased speculation about higher interest rates. And oil prices continued to rise in response to Middle East instability. The FTSEurofirst index fell by 0.1pct, the German Dax eased 0.5pct and the UK FTSE lost 0.4pct.

US sharemarkets fell modestly for the first day in four on Tuesday, with investors watchful about the hot spots across the globe. Airlines were amongst the weakest stocks in response to a higher oil price. Shares in Delta Airlines lost 1.9pct and US Airways fell by 3.1pct. And shares in Walgreen lost 6.2pct after reporting quarterly results. The so-called ´´fear gauge´´ - the VIX - fell by 2.4pct. The Dow Jones index fell by 18pts or 0.2pct with the S&P 500 lower by 0.4pct and the Nasdaq fell by 8pts or 0.3pct.

US treasuries were mixed on Tuesday. Investors continued to monitor developments in Japan, North Africa and the Middle East while domestic economic data failed to illicit much reaction. US 2yr yields rose by less than 1pt to 0.65pct and US 10yr yields fell 1pt to 3.33pct.

The US dollar was mixed against major currencies in European and US trade on Tuesday. The Euro eased from highs near US$1.4245 to US$1.4175 and closed US trade near US$1.4200. The Aussie dollar rose from lows near US100.50c to US101.25c, ending US trade near US101.10c. And the Japanese yen held in tight range between 80.85 yen per US dollar to JPY81.15, ending US trade near JPY80.90.

US crude oil prices continued to rise in response to on-going airstrikes against Libya and unrest in Yemen. The Nymex crude oil contract rose by US$1.65 or 1.6pct to US$104.00 a barrel. And the London Brent crude rose by US74c to US$115.70 a barrel.

Base metal prices were generally higher on the London Metal Exchange on Tuesday, the exception being nickel, down 1.5pct. Other metals rose between 1.0-2.2pct with zinc doing best. The gold price also rose modestly in line with the oil price in response to continued instability in the Middle East and North Africa. The Comex gold futures price rose by US$1.20 an ounce to US$1,427.60 after trading as high as US$1,432.30 an ounce.

Ahead: In Australia, David Jones releases first half results. In the US, new home sales data is released.

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