This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets are mixed on Tuesday with a vote looming ahead on the tentative U.S. debt ceiling deal reached between President Joe Biden and House Majority Leader Kevin McCarthy over the weekend, avoiding a default for the U.S. economy.

The U.S. Congress is set to vote on the legislation as early as Wednesday. Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal. Both Republican and Democratic support is needed for the bill agreement to pass.

In Japan, the Nikkei 225 closed 0.30% higher at 31,328.16 to continue hitting its highest levels in 33 years, but the Topix fell marginally to end at 2,159.22. Japan saw its unemployment rate come down slightly to 2.6% in April from 2.8% in March.

In Australia, the S&P/ASX 200 inched down 0.11% to close at 7,209.3, snapping a three-day winning streak.

South Korea's Kospi returned from a public holiday and climbed 1.04% to close at 2,585.52, its highest level in almost a year, while the Kosdaq saw a gain of 0.98% to end at 851.5.

Mainland Chinese markets ended higher on Tuesday, with the Shanghai Composite marginally higher at 3,224.21 and the Shenzhen Component up by 0.44% to end at 10,869.55 and rebound from its lowest level since November 2022.

Hong Kong stocks snapped a four day losing streak as the Hang Seng Index rose 0.1% in its final hour of tradeand the Hang Seng Tech index saw a bigger gain of 1.24%.

U.S. markets were closed on Monday for Memorial Day, but futures rose as investors further digested the deal tentatively struck over the weekend — some considering it a "market opportunity."

Futures tied to the Dow Jones Industrial Average added 72 points, or 0.2%, while S&P 500 futures gained 0.3%. Nasdaq-100 futures climbed 0.5%.

— CNBC's Brian Evans contributed to this report

Japan stocks as they notch a fresh three-decade high, Wall Street sees further upside

Strategists at Goldman Sachs and Bank of America see further upside for Japanese stocks amid the recent rally, with the Nikkei 225 closing at 31,328.16 – marking new three-decade highs.

Goldman Sachs strategists wrote in a Monday research note that foreign investors' positioning on stocks in Japan is still underweight.

"Whereas we believe positioning is stretched among short-term investors such as CTAs (Commodities Trading Advisors), positioning is still light among foreign long-term investors," strategists Kazunori Tatebe and Bruce Kirk said.

Bank of America strategists Masashi Akutsu and Tony Lin added in a research note last week that they see scope for further overseas inflows to cash equities — raising their year-end forecasts for Japanese indexes.

They see the Topix rising to 2,300 points, an additional 7% gain from current levels, with a bull case for it to rise even further to 2,400 points. They also see the Nikkei 225 rising to 32,500 points, an additional 4% from levels seen on Tuesday morning – with a bull case for 33,500 points.

– Jihye Lee

South Korean defense stocks rise after North Korea warns of satellite launch

South Korean defense stocks rose after North Korea said it will launch its first-ever military spy satellite to monitor U.S. drills.

North Korean military official Ri Pyong Chol said in a Monday statement that Pyongyang plans to launch a satellite with the aim to track "dangerous" actions by the U.S., pointing to its recent joint military drills taking with South Korea.

Shares of South Korean defense companies Firstec and Victek rose 3.8% and 3.3% respectively Tuesday afternoon, returning from a market holiday Monday. Korea Aerospace Industries also edged up 0.6%.

Japanese defense company Hosoya Pyro-Engineering gained 1.11%, while Mitsubishi Electric Corp inched up 0.16%.

– Jihye Lee

Everyone can be a programmer, says Nvidia CEO

Fresh off Nvidia's stellar earnings report and subsequent stock rally, its CEO Jensen Huang is predicting that the world is entering a "new computing era".

Speaking at the Computex forum in Taiwan. He says anyone can be a programmer, just by speaking to the computer, and the desired functions will come forth.

No longer will programmers need to write lines of code, only for it to display the dreaded "fail to compile" because of a missing semicolon.

"This computer doesn't care how you program it, it will try to understand what you mean, because it has this incredible large language model capability. And so the programming barrier is incredibly low," Huang pointed out.

Nvidia says that generative AI is the "most important computing platform of our generation" as individuals and companies move to create new apps and leverage on generative AI in the process.

Read the full story here.

— Lim Hui Jie

Toyota's April sales increase as demand from Japan and China rises

Toyota's global sales rose almost 5% year-on-year in April, with strong demand from home market Japan and China.

Sales to Japan saw the largest gains, increasing 21.5% compared with April 2022 as parts shortages eased.

China sales saw a year-on-year jump of 46.3% to 162,554 units in April, rebounding from the impact of Covid-19 on the economy a year ago.

In contrast, sales to Europe slid 22.8% to 75,869 units. Toyota said despite solid demand, sales were lower due to operations being suspended, caused by the impact of shortages of semiconductors and other parts.

Shares of Toyota closed 0.6% higher on Tuesday.

— Lim Hui Jie

Australia's building approvals fall to lowest in 11 years

Building approvals in Australia fell 8.1% month-on-month to 11,594 – marking its lowest level since April 2012 – when the number of total approved units stood at 10,860, government data showed.

Private sector houses fell 3.8% to 7,939 while private sector dwellings excluding houses fell 16.5% to 3,469.

Meanwhile, the value of total building rose by 4.7% – the value of new residential building fell 2.7%, while the value of non-residential building rose 13.5%.

– Jihye Lee

Hong Kong exports fell further in April

Exports from Hong Kong fell further in April and dropped 13% compared with a year ago – extending declines of 1.5% seen in the previous month, government data showed.

Hong Kong's total exports have been on an overall decline since marking year-on-year growth of 44% in January 2021. Exports plunged by more than 36% in February this year.

Hong Kong's imports dropped sharply in April, down 11.9% compared with last year, continuing the decline of 0.6% seen in March.

– Jihye Lee

Softbank shares slide almost 4%, leads losses on Topix

Shares of Softbank Group tumbled almost 4% on Tuesday, leading losses on the Japan's Topix index.

This comes after Softbank owned chip designer Arm announced it rolled out new technology for mobile devices and Taiwan smartphone chip maker MediaTek Inc said it will be using it for its next-generation product.

Shares of Softbank surged 8.8% on Monday.

— Lim Hui Jie

Japan's unemployment rate eases to 2.6% in April

Japan's unemployment rate fell slightly to 2.6% in April, lower than March's figure of 2.8%.

This was also lower than the 2.7% expected by economists polled by Reuters.

Government data showed that the jobs-to-applicants ratio stood at 1.32, unchanged from March's figure.

— Lim Hui Jie

CNBC Pro: Parts of the market are getting pricey. But analysts like these 4 cheap stocks

Markets have rallied this year despite economic uncertainty in the United States.

Some parts of the markets are expensive right now, but analysts say some sectors are still cheap.

They name four stocks that are still cheap to buy, including one in tech.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Nvidia and A.I. are hot — and BofA says these 3 global stocks are also worth the buzz

Nvidia's earnings blockbuster has gotten investors excited.

In a May 25 note, BofA said Nvidia's "rosy outlook" when it comes to data centers and artificial intelligence has reaffirmed its positive view on the AI server hardware supply chain.

It named three global stocks to play the Nvidia and AI buzz.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Biden, Congressional leaders iron out debt ceiling agreement set for a vote this week

President Joe Biden and Congressional leaders reached an initial agreement on over the weekend to avoid a U.S. default, with the bill set for a vote as soon as this week.

House Majority Speaker Kevin McCarthy and Biden had been at odds for weeks over raising the debt ceiling, with the first inklings of real progress coming last week. Key provisions that necessitated compromise included keeping non-defense spending flat for the next two years as well as increasing work requirements of food stamp benefits.

Still, the bill will need both Republican and Democratic support to make it to President Biden's desk before the so-called "X date" on June 5, which is the earliest time the Treasury Department has signaled the U.S. could default.

— Brian Evans

Week ahead: China PMI readings; Bank of Thailand meeting, South Korea GDP

China's purchasing managers' index readings for May alongside the Bank of Thailand's meeting and South Korea's inflation and gross domestic product reports will be in focus this week.

On Monday, Hong Kong's trade data for April will be published after the region saw a contraction of 0.6% in imports and a contraction of 1.5% in exports in March.

Japan's unemployment rate for April will be released as well as Australia's building approvals for the same month on Tuesday. Thailand's industrial production for April will also be released.

China's National Bureau of Statistics will publish the economy's purchasing managers index for May. Economists surveyed by Reuters expect the reading to remain under the 50-mark that separates contraction and growth at 49.4, after April's reading of 49.2.

The Bank of Thailand is set to announce its rate decision on the same day.

South Korea's industrial production for April on Wednesday is expected to show a further decline of 7.9% in April, according to economists surveyed by Reuters.

Retail sales for South Korea and Japan are also scheduled to be released on the same day. India will release its gross domestic product for the third quarter of the year. South Korea will also publish its latest trade figures alongside Australia's retail sales.

Indonesia markets will be closed on Thursday and Friday, while Singapore will observe a market holiday on June 2. South Korea's gross domestic product and its latest inflation readings will be released on Friday.

— Jihye Lee