Asia stocks given pause by virus surge, geopolitics

FILE PHOTO: A visitor takes a photograph of a board displaying stock prices at the Australian Securities Exchange in Sydney, Australia March 6, 2017. REUTERS/Steven Saphore

It was enough to inject a note of caution into trading and Japan’s Nikkei eased 0.7%, after jumping almost 5% on Tuesday for its biggest daily gain in three months. The Trump administration was also reportedly preparing an up to $1 trillion infrastructure package, something that was initially promised more than three years ago.

Federal Reserve Chair Jerome Powell cautioned that output and employment would remain well short of their pre-pandemic levels for a long time, so there was a “reasonable probability” that more policy support would be needed. All the talk of recovery took some of the shine off sovereign bonds, with U.S. 30-year yields up at 1.53% having risen by the most in a month on Tuesday.

Where is the “surge” in Asia?

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