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BP's second quarter profits easily beat expectations as a strong increase in oil and gas production helped offset weaker crude prices.

BP has not taken any of its oil tankers through the Strait of Hormuz since a July 10 attempt by Iran to seize one of its vessels, the British company's Chief Financial Officer Brian Gilvary said on Tuesday.

China's Huawei Technologies cemented its dominance of the domestic smartphone market in the second quarter, with shipments and market share rising, as Chinese customers backed the embattled firm amid its trade fight with the United States.

Oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, supporting fuel demand growth in the world's biggest oil user.

The global telecoms industry on Tuesday demanded access to the high-capacity spectrum it says it needs to support data-intensive 5G services, accusing the space lobby of hogging frequencies in a way that could stunt the technology.

Asian stocks advanced on Tuesday in anticipation of a cut in U.S. interest rates later this week while the pound tumbled to a 28-month low versus the dollar due to heightened concerns over prospects for a no-deal Brexit.

China's Huawei Technologies said on Tuesday revenue in the first half of the year grew 23.2% - faster than a year ago - despite an intense U.S. campaign against it that ultimately became a trade ban from mid-May.

A strong increase in oil and gas production helped BP offset weaker crude prices and refining profit to beat second quarter profit expectations on Tuesday, lifting its shares.

BP has not taken any of its oil tankers through the Strait of Hormuz since a July 10 attempt by Iran to seize one of its vessels, the British company's Chief Financial Officer Brian Gilvary said on Tuesday.

Brazil's closely-watched auction of offshore oil blocks looks "very expensive" and BP has yet to decide if it will take part in it, Chief Executive Officer Bob Dudley said on Tuesday.

Brewing no-deal Brexit worries sent the pound sinking towards a two-year low versus the euro and roughed up Irish bonds on Tuesday, while stock markets wilted before what is expected to be the first cut in U.S. rates since the financial crisis.

Exxon Mobil Corp's plan to accelerate asset sales, a way of delivering needed cash to finance shareholder returns and major projects, is getting off to a slow start as oil companies pull back on big deals.

German airline Lufthansa said it was braced for very tough price competition with Ryanair and easyJet for at least the rest of this year as it reported a plunge in second-quarter earnings on Tuesday.

Japan's Sony Corp on Tuesday reported an 18.4% increase in first-quarter operating profit, beating market expectations thanks to a strong performance in the image sensor business.

No.1 U.S. homebuilder D.R. Horton Inc reported a 4.6% rise in quarterly profit on Tuesday, driven by higher demand and cheaper mortgage rates.