Asia set to open higher as Syria fears ease

On Tuesday, Damascus accepted Moscow’s proposal to give up its chemical weapon stockpile in a bid to avoid a U.S. strike. The news saw Wall Street shares close near session highs and the SP 500 posted its sixth-consecutive rally while safe haven assets dropped.

Spot gold, for instance, fell as much as 2 percent while silver fell to a three-week low.

President Barack Obama is scheduled to address the U.S. public on Syria at 9:00am Singapore/Hong Kong time. Obama has been urging Congress to keep the pressure on Syria while Russia’s diplomatic alternative to military strikes is being explored.

(Read more: Obama finds a very unlikely ally on Syria strikes)

The Dow Jones Industrial Average is replacing Alcoa, Bank of America and Hewlett-Packard with new components Nike, Goldman Sachs and Visa as the stock prices of the three former Dow components have fallen too low. The 30-stock index weights components by stock price rather than market value. The changes will take effect on September 23.

Tech giant Apple is in focus after unveiling two new iPhones – the iPhone 5C and the iPhone 5S – at a media event in California. Apple’s lower-cost phone is intended to appeal to budget-conscious consumers and those in emerging markets, such as China.

(Read more: Apple goes plastic and colorful with new iPhone)

In Japan, Prime Minister Shinzo Abe on Tuesday called on his cabinet to put together a new economic package by the end of this month. Analysts say the move suggests Abe will go ahead with plans to hike the sales tax from April and will use the new package to soften the blow to the economy.

Meanwhile, India’s trade deficit narrowed to a five-month low in August as government efforts to restrict gold imports and boost exports took effect, sending the benchmark stock index up more than 3 percent and the rupee to a two-week high.

Elsewhere, business executives gather in Dalian, China for the World Economic Forum.

— By CNBC.com’s Nyshka Chandran. Follow her on Twitter @NyshkaCNBC

Asia set to open higher as Syria fears ease