Asian shares erased early losses in Tuesday afternoon trade, as signs that China's economic pain may be gradually easing amid the easing of COVID-19 restrictions overshadowed broader investor concerns about a global inflation shock. Also lifting sentiment in the Asian region were details of Beijing's new policy support, which includes cash grants to hire fresh graduates and support for internet companies that list overseas. China's official PMI for May showed factory activity continued to decline but at a slower pace than in April.