Asia shares advance as investors look to data for proof of 'goldilocks'

Asian shares rose on Tuesday as investors looked to a barrage of economic data around the world to confirm recent signs the global economy is in fine fettle with inflation staying well contained. 

Spreadbetters expected a mostly stronger start for European shares, forecasting Britain's FTSE .FTSE to open 0.5 percent higher, Germany's DAX to start up 0.1 percent and France's CAC .FCHI to open little changed. 

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.7 percent, led by gains in financials and energy shares and coming within a whisker of last Thursday's heights not seen since January 2008, while Tokyo's Nikkei .N225 rose 0.2 percent. 

Hong Kong's Hang Seng .HSI added 0.7 percent, touching its highest since June 2015, and the Hang Seng China Enterprises index .HSCE was up 1.8 percent and at its highest since August 2015. 

Strong inflows from mainland investors via the stock connect program linking Hong Kong and the mainland are seen to be helping drive the recent rise in Hong Kong stocks. 

Australian stocks advanced 0.9 percent on the strength of financials and materials shares. 

On Wall Street, the Dow Jones Industrial Average .DJI rose 0.28 percent to end at a record high of 21,891.12 but the Nasdaq Composite .IXIC pulled back 0.42 percent after its recent rallies. 

MSCI ACWI .MIWD00000PUS, an index of the world's 47 stock markets, logged its ninth consecutive month of gains in July, the longest winning spell since 2003-04, on the back of expectations of solid global economic growth. 

On the other hand, softening U.S. inflation in recent months prompted investors to bet the Federal Reserve will adopt a patient approach to further interest rate increases.

The CBOE volatility index .VIX, which measures implied volatility of stocks and is often seen as investors' fear gauge, stood near record low levels hit last week, partly as investors sell options to enhance low yields.