Asia stocks given pause by virus surge, geopolitics

Asian share markets took a breather on Wednesday as a resurgence of coronavirus cases challenged market confidence in a rapid economic recovery, even as the rebound in U.S. retail sales in May broke all records.

It was enough to inject a note of caution into trading and Japan's Nikkei eased 0.7per cent, after jumping almost 5per cent on Tuesday for its biggest daily gain in three months. The Trump administration was also reportedly preparing an up to US$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 1.53per cent having risen by the most in a month on Tuesday.

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