Investing.com– Most Asian shares remained range-bound on Tuesday as markets awaited more signals from the Federal Reserve meeting this week, while Chinese markets rose sharply after top officials promised more policies to support growth.

Expectations of higher quarterly earnings in the coming weeks also kept sentiment on Asian markets weak, as investors awaited more signals on how regional companies are handling slowing economic growth and business activity.

Markets were also on edge ahead of upcoming central bank meetings in the US, Europe and Japan.

Chinese shares rise on stimulus promise

China and the index were among the best performing Asian markets for the day, with gains of 2.2% and 1.6% respectively. Hong Kong’s index rose more than 3%, buoyed by locally listed Chinese shares.

The gains came after China’s Politburo – the Communist Party’s top decision-making body – promised more policy measures in the coming months to support slowing economic growth.

The measures will be targeted at the country’s biggest growth engines – real estate and private consumption, which have declined significantly over the past three years.

A mix of low valuations and optimism on the rebound fueled heavy buying in Chinese stocks on Tuesday, especially in the real estate sector. Majors such as Longfour Properties (HK:) and Country Garden Services (HK: ) each gained more than 20%, and were the best performers on the Hang Seng.

Optimism on China helped some gains in other Asian markets. Australia rose 0.3%, while South Korea gained 0.1% as data showed the country’s economy grew slightly more than expected in the second quarter.

0.5%, with Bank Indonesia expected to keep rates unchanged.

Japan declined 0.3% as investors took some profits from Monday’s strong rally, while trading was flat.

Singapore-traded futures for India’s indices pointed to a mildly negative opening for local stocks, after falling sharply from record highs in the previous two sessions.

Markets gain on Fed, central bank uncertainty

Despite optimism over China, broader Asian markets remained largely quiet as traders awaited more signals on US monetary policy. While the Fed will closely watch its outlook on rates amid broadly sticky inflation and slowing economic growth.

In addition to the Fed, it is also set to raise rates on Thursday, while this Friday it prepares to signal more potential on its ultra-dowish policy.