Asian markets tread water after US tech stocks slump

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A sell-off in bitcoin exchange Coinbase hit tech shares

Foreign exchange traders monitor screens in Tokyo, Japan. Picture: GETTY IMAGES/CARL COURT

Global shares have surged in recent weeks led by successful rollouts of Covid-19 vaccines around the world, US stimulus packages and higher US inflation expectations. Overnight, Wall Street ended mixed, with the tech sector the biggest underperformer after Coinbase was sold off on its listing day, dragging the Nasdaq lower.

US bank earnings were the other big focus, with Goldman Sachs, JPMorgan and Wells Fargo reporting strong results. Major policymakers, including the US Federal Reserve, have repeatedly said there is still plenty of labour market slack to keep inflation in check for several years, though there might be temporary spikes they are willing to overlook.

 

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