TOKYO : A tech-fuelled global stocks rally cooled in Asian trade on Thursday as investors took a more cautious posture amid uncertainties around the outlook for inflation and interest rates.
Japan's blue-chip Nikkei started the day almost 1per cent higher before beginning a steady slide that took it close to negative territory. It later rebounded to be 0.33per cent higher.MSCI's broadest index of Asia-Pacific shares eked a 0.10per cent gain. On Wednesday, Big Tech led Wall Street higher, with the Nasdaq surging 2.1per cent and the S&P 500 ending 1.45per cent higher.
"It was a more positive session for global bonds, with European bond yields taking a breather from their seemingly relentless recent rise," Damien McColough, head of rates strategy at Westpac, wrote in a client note. Australia's 10-year benchmark yield slipped to 2.086per cent on Thursday from as high as 2.157per cent in the previous session, a near three-year peak.
The Fed is broadly expected to begin raising rates at its March meeting although there is no clarity about the pace of tightening.
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