HONG KONG : Asian stocks dithered on Tuesday as investors grappled with inflation concerns in the wake of the surprise cuts to the OPEC+ group's oil output targets, while treasury yields retreated after frail U.S. manufacturing sector data.
"A weakening trend has been in place since May last year, but recent banking turmoil may have dented confidence further," ANZ analysts said in a note. On Monday, gains in energy shares helped lift world stock indexes following the surprise OPEC+ group's new production cuts that could push oil prices toward $100 a barrel.
The Dow Jones Industrial Average rose 0.98 per cent, the S&P 500 gained 0.37 per cent and the Nasdaq Composite dropped 0.27 per cent. Treasury yields retreated after the U.S. manufacturing data, which increased expectations for some investors the Fed will cut rates later this year as the economy slows. Separate data also showed U.S. construction spending weakened in February.