Asian stocks up as Biden signs stimulus; lower yields boost tech

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Asian shares pushed higher on Friday after U.S. President Joe Biden signed a $1.9 trillion stimulus bill into law, and as a retreat in bond yields overnight eased global concerns about rising inflation.

FILE PHOTO: A man walks past a stock quotation board at a brokerage in Tokyo, Japan February 26, 2021. REUTERS/Kim Kyung-Hoon

That and a better-than-expected U.S. government bond auction could support a rally in tech stocks and a rotation between growth and value stocks in the next few weeks, said Cliff Zhao, chief strategist at China Construction Bank International in Hong Kong. U.S. Treasury yields were higher on Friday, with the 10-year yield at 1.5405% after falling to 1.475% overnight, its first foray below 1.5% in a week.“There might be some disappointment didn’t expand their bond purchase program but that’s largely offset by undertakings to accelerate the purchases,” said Michael McCarthy, chief markets strategist at CMC Markets.

 

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