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

Japan’s Nikkei rose 0.99 per cent, but China’s blue-chip CSI300 index lost 0.43 per cent as that country’s high-valuation tech and consumer firms dragged. — Reuters picSHANGHAI, March 12 — Asian shares pushed higher today after US President Joe Biden signed a US$1.9 trillion stimulus bill into law, and as a retreat in bond yields overnight eased global concerns about rising inflation.

That and a better-than-expected US 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. Seoul’s KOSPI added 1.12 per cent, Taiwan shares were up 0.21 per cent and Australia’s ASX 200 gained 0.85 per cent.

The German 10-year yield was last at -0.331 per cent after hitting a three-week low of -0.367 per cent. Sentiment was also boosted by weekly jobless claims data, which pointed to a recovering US labour market as vaccine rollouts helped lead to economic reopenings.

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