Asian shares slumped on Tuesday, as oil takes a step back from highs reached last week. Japan's Nikkei index fell 0.9%. MSCI's index of Asia-Pacific shares outside Japan fell 1%, but was still up 7.7% for the month.

Chinese trade reports for September came out, showing exports falling 3.7% from a year earlier, better than the forecast of a 6.3% drop. Imports however fell by a big 20.4%, the eleventh consecutive month of decline, investors only expected a 15% drop. The data left the country with a trade surplus of $60.34 billion for the month. Chinese stocks fell on Tuesday along with the regional general slump.

Oil fell sharply on Monday as OPEC reported pumping record amounts of crude. It stabilized on Tuesday, trading around its closing price, with Brent oil fetching $50.32 a barrel, U.S. oil trading at $47.42 a barrel.

Dollar was in mixed trading against its counterparts. Against Sterling, it rose to 1.5317. Against Canadian dollar it rose for the second day, trading at 1.3046.

Dollar fell Against Yen and Euro, trading at 119.82 Against Yen. Against Euro it fell slightly to 1.1366.

Australian dollar was down on Tuesday at 0.7315 against U.S. dollar, ending its nine-session bull run, despite reports showing health in the economy. National Australia bank's monthly survey of business conditions showed the index holding at above average +9 in September, while confidence rose 4 points to +5.

Sterling fell on Monday, trading at 0.7419 against Euro. Against Yen it fell to 183.56. Yen was on the offensive, besides rising against Sterling and Dollar, it Also rose against Euro, trading at 136.23.

As of 05:06 GMT, Sport gold is down 10 dollars, or 0.86%, to $1,155 an ounce. Silver fell 14 cents, or 0.91%, down to $15.70 an ounce.

Investors will be waiting for a variety of economic reports today, most notably the Consumer price Index (CPI) for Britain and China. For UK it's forecast to be 0.0% again in September, same as August. China's inflation is forecast to have grown 1.8% year\on\year in September, down from 2.0% in August.

Also the Final CPI for Germany is coming out, forecast to have fallen 0.2% m\m. Also from Germany, ZEW economic sentiment report is released today, it measures the general health in the economy, forecast to have fallen sharply in September to 6.8, down from 12.1 in August. Germany was deeply shaken by a scandal in the car maker Volkswagen that's expected to have taken a toll on business confidence, specially in the Auto industry.

From Japan, the Producer Price index (PPI) is slated for today, forecast to have fallen a further 3.9% Y\Y, compared with August's 3.6% decline, putting more pressure on Bank of Japan to expand its stimulus.