Sydney — Asian stocks were lower on Tuesday as rising bond yields affected tech shares and company valuations in China and Korea and investors grappled with their inflation fears as the US looks set to pass a $1.9-trillion stimulus package.
Despite the positive cues, investors remain conflicted over whether the stimulus will help global growth rebound faster from the Covid-19 downturn or cause the world’s biggest economy to overheat and lead to runaway inflation. The index gave back those gains to be only 0.40% higher in afternoon trading after the tech declines and a 10% fall in Insurance Australia Group shares ahead of an announcement regarding the insolvency of financial services provider Greensill Capital.On Wall Street, the Dow advanced, while the Nasdaq shed over 2%, marking a more than 10% fall since its February 12 closing high and confirming a correction in the index’s value.
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