Asian Market Update : Epic Research Malaysia

Asian stocks were subdued early on Tuesday as financial markets braced for the possibility of Greece defaulting on its debt, while a two-day policy meeting of the US Federal Reserve's monetary committee starting later in the session also counselled caution.

Global equity markets have felt a pinch after talks between Athens an its creditors broke down over the weekend, with Greece only having two weeks before it has to repay 1.6 billion euro to the International Monetary Fund. Sentiment soured further on Monday as both sides hardened their stance.

MSCI's broadest index of Asia-Pacific shares outside Japan stood unchanged. Japan's Nikkei lost 0.3 percent while Australian shares were little changed.

"The macro duo of the FOMC and Greece continue to create jitters – it will be a daily theme for the next month; in the case of the Fed, the next three to four months," Evan Lucas, market strategist at IG in Melbourne, wrote.

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