MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.9%

Stocks jumped in early Asian trading on Tuesday, ​pressing for a second day of gains as investors confronted a crowded central bank calendar and an unrelenting Middle East ‌war.

Markets are on edge, trying to price in the economic damage from U.S. war with Iran and the policy reaction it could trigger.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.9%, led by a 2.4% gain for Kospi, while Nikkei 225 gained 0.3%.

The Reserve Bank of Australia will announce its latest interest rate decision at 0330 GMT on Tuesday.

The central bank is set to meet this week, setting the tone ahead of some central banks such as Bank of Japan, European Central Bank and the U.S. central bank as they assess the global economic impact of the Iran war, even though all are expected to stand pat on policy.

The Bank ‌for International ⁠Settlements on Monday urged policymakers not to rush reactions to the Iran crisis-driven spike in global energy prices, calling it a textbook case of when to “look through” a supply shock.

Elsewhere, U.S. Fed funds futures are pricing an implied 99.1% probability that the country’s central bank will remain on hold at the end of its two-day meeting on Wednesday, according to the CME Group’s FedWatch tool.

The Federal Open Market Committee is likely to defer action until it ​becomes clear whether the output or ​price effects are dominant, said ⁠Steve Englander, global head of G10 FX research at Standard Chartered in New York.

He added: We would be surprised if the FOMC indicated a strong direction on the impact of the war, as it has no way of ​knowing how long the war will last or whether the biggest response will be on activity or ​inflation.

The yield on ⁠the U.S. 10-year Treasury bond was up 1.8 basis points at 4.236%.