Asian stocks were mixed in early trading Tuesday. The Nikkei 225 Stock Average was down 0.2 %, or 26.89 points, at 11,046.88. The broader Topix of all Tokyo Stock Exchange first section issues was down 0.96 point at 1,131.21. Investors expect the earnings reports from Japanese tech and other blue-chip giants this week. Sharp Corp. and Honda Motor Co. are slated to report Tuesday and will grab the spotlight.

FTSE, Britain's leading share index opened steady on Tuesday, bolstered largely by a bounce in oil giant BP, up 1.4% after 1Q profits surpassed estimates.

BP (BP: chart) said Q1 profits surged 29% helped by higher oil prices. The results bolstered Shell (SHEL: chart), which reports 1Q earnings Thursday, and helped the company’s shares gain 0.7%, despite a drop in crude prices earlier Tuesday.

Crude futures slipped Tuesday after U.S. President George W. Bush met Saudi Arabia's Crown Prince Abdullah to discuss ways to limit surging oil prices. U.S. light crude last traded down 52 cents to $54.05 a barrel, extending Monday's 82-cent loss in New York. Prices hit an intraday low of $53.83.

Adel al-Jubeir, foreign affairs adviser to Saudi Arabia's Crown Prince Abdullah, said after a meeting between President Bush and Abdullah in Texas that world oil supplies were adequate, but the kingdom was willing to provide as much crude oil as buyers wanted.

Gasoline stocks in the United States are also closely scrutinized as the summer driving season approaches.

Light, sweet crude for June delivery on the New York Mercantile Exchange dropped 72 cents to US$53.85 a barrel, mid-morning Tuesday in Asia. Unleaded gas dropped marginally to US$1.6370 a gallon.

The U.S. dollar climbed back vs. the yen in Asian trading Tuesday and traded at 105.78 yen by midafternoon in Tokyo, up 0.14 yen from late Monday here and above the 105.65 yen it bought in New York later that day.

The euro fell to US$1.3009 Tuesday afternoon from US$1.3020 late Monday and to 137.58 yen from 137.62 yen.

Gold traded at $434.50/435.25 a troy ounce, just above its level in late New York trading.

Dow futures DOWN 47 points
Nasdaq DOWN 8 points
S&P futures DOWN 5.2 points