Asian shares took a small step back on Tuesday after three straight sessions of gains, with markets consolidating in the hope an upswing in global growth could outlast a likely hike in U.S. borrowing costs this week. The latest promising news came from China where banks doled out a surprisingly generous dose of credit in November, which could bode well for a pick-up in retail sales and industrial output due later in the week.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS drifted off 0.3 percent, having bounced 2 percent in the past three sessions. Moves were minor across the region, with blue-chip Chinese shares down 0.5 percent .CSI300 and Australian stocks up 0.2 percent. Japan’s Nikkei, N225 eased 0.3 percent, after the index scored its highest close in 25 years on Monday. Spread betters pointed to a modestly firmer start on most European bourses, while E-Mini futures for the S&P 500 ESc1 were up a slim 0.04 percent.