(Updates prices as of 0530 GMT)

By Stella Qiu

SYDNEY, June 25 (Reuters) - Asian shares were mostly

higher on Tuesday after recent losses, while the battered yen

hit a record low versus the euro, although the risk of

intervention stemmed further weakness against the U.S. dollar.

With the first U.S. presidential debate on Thursday and the

first round of voting in the French election at the weekend,

investors remain cautious of how political shifts in major

economies could impact their positions.

Europe is set to open mixed, with EUROSTOXX 50 futures

falling 0.3% but the FTSE was up 0.1%.

Nasdaq futures rebounded 0.3%, having tumbled

over 1% overnight thanks to a 7% drop in AI bellwether Nvidia ( NVDA )

. The Dow Jones Industrial Average, however,

rallied 0.7% to a one-month high as investors added value

stocks, which have been laggards in the recent tech-driven

rally, to their portfolios.

On Tuesday, MSCI's broadest index of Asia-Pacific shares

outside Japan rose 0.5% after three straight

sessions of declines, helped by a 1.1% rise in Australia's

resources heavy shares .

Japan's Nikkei gained 0.9%, Taiwanese stocks

, which dropped more than 1% earlier in the session,

clawed back lost ground and were last up 0.3%. Chinese shares

were slightly lower, after oscillating between gains and losses.

"It's difficult to extrapolate what can be attributed to

technical factors and what's fundamentals in the markets, with

price action apparently driven by end-of-month and

end-of-quarter positioning," said Kyle Rodda, a senior analyst

at Capital.com.

"A sell-down in tech, despite little shift in rates

expectations and the outlook for earnings, may signal a trimming

by investors of the quarter's big winners."

Hong Kong's Hang Seng index rose 0.4%, after a recent

leg lower found a floor near two-month lows.

However, China's economic recovery is still fragile.

Reports said e-commerce sales declined for the first time during

the so-called 618 shopping festival that ended last week.

The Chinese yuan keeps setting seven-month lows daily

and has been pinned near the weak end of its daily trading band

of 2%. The spot yuan hit 7.2630 per dollar on Tuesday

after weak guidance from the central bank.

"While some things are moving in the right direction ... the

sentiment is still being impacted by what we've seen over the

last three years," said James Cook, head of investment

specialists at Federated Hermes.

The dollar dipped a little after recent broad-based gains,

with the dollar index down 0.1% to 105.37, after easing

0.3% overnight.

The yen rose 0.2% to 159.29 per dollar, near

levels not seen since late April when Japanese authorities

intervened to stem the currency's fast declines.

Japanese Chief Cabinet Secretary Yoshimasa Hayashi said on

Tuesday the authorities are closely watching currency moves and

will respond to excessive volatility.

The yen, however, kept weakening against other major

currencies, with the euro breaking major resistance

to hit a record top of 171.49 yen overnight. It was last at

171.17 yen.

The U.S. personal consumption expenditures (PCE) price index

is due on Friday. Annual growth in the Federal Reserve's

favoured core inflation index is expected to slow to 2.6% in

May, the lowest in more than three years.

A low result would likely reinforce market bets on a Fed

rate cut as early as September, which futures currently price as

a 65% prospect. Two rate cuts are priced in for the year.

Treasuries were steady amid a lack of catalysts. Two-year

yields held at 4.7296%, little changed for the week,

while the 10-year yield eased 1 basis point to

4.2340%, and was down 2 bps for the week.

Oil prices were flat for the day. Brent futures

held at $86.06 a barrel while U.S. crude was little

changed at$81.69 a barrel.

Gold prices slipped 0.2% to $2,327.20 per ounce.