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Risk-sensitive currencies slid and safe havens gained in the Asian afternoon on Tuesday, reversing direction after Moderna's CEO said COVID-19 vaccines are unlikely to be as effective against the Omicron variant as it has been with other types.

Abu Dhabi National Oil Company (ADNOC) will supply full volumes of all crude grades to term customers in Asia in February for a third straight month, two sources with knowledge of the matter said on Tuesday.

Emerging Asian equities and currencies trimmed gains on Tuesday on concerns that the Omicron coronavirus variant could prove more resistant to existing vaccines, while South Korean shares dropped over 2% on weak domestic data.

The safe-haven yen on Tuesday gave up some of the gains it made during last week's market ructions as investors traded on hopes the Omicron coronavirus variant would not derail a global economic recovery as initially feared.

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Japanese shares rebounded on Tuesday after two days of heavy selling as hopes that the Omicron coronavirus variant would not derail a global economic recovery prompted short-covering.

Chicago wheat slid to a two-week low on Tuesday after a U.S. report showed the condition of the winter crop was better than expected and eased concerns over world supplies.

Japan's crude oil imports rose 0.4% in October to 2.35 million barrels per day (11.60 million kilolitres) from a year earlier, the Ministry of Economy, Trade and Industry (METI) said on Tuesday.

Hong Kong stocks fell to a one-year low on Tuesday as regulatory concerns hanging over the tech sector and the arrest of gambling boss Alvin Chau kept investors from joining a global bounce out of COVID-19 worries. Mainland shares steadied.

U.S. lawmakers on Tuesday are expected to grill the heads of the Federal Reserve and Treasury Department over stubbornly high inflation and the possible impact of the new Omicron COVID-19 variant on what both officials view as a strong economy.