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Global Markets: Asia stocks edge up on tech shares, U.S. inflation data awaited

Reuters  |  TOKYO 

By Shinichi Saoshiro

(Reuters) - Asian stocks edged up on Tuesday with buoyed by gains in their Wall Street peers, but gains were limited ahead of U.S. inflation data later in the day which could offer clues on the pace of interest rate rises this year.

Spreadbetters expected a slightly lower start for European stocks, with Britain's FTSE dipping 0.1 percent, Germany's DAX inching down 0.05 percent and France's CAC shedding 0.07 percent.

MSCI's broadest index of shares outside was up 0.2 percent after spending much of the day swerving in and out of negative territory.

The index had surged 1.5 percent on Monday following firm U.S. jobs numbers on Friday, while low wage growth eased concerns about inflation and

But a mixed performance by U.S. shares overnight tempered the rally.

The and the Dow slipped on Monday as the U.S. tariffs signed into weighed on industrials, while a rise in tech stocks boosted the Nasdaq to a new record high.

Japan's Nikkei recouped earlier losses and rose 0.7 percent, with gains in chip-related helping offset losses in steelmakers and automakers still weighed by concerns about U.S. tariffs on imported and aluminium.

dipped 0.1 percent.

Tech-heavy South Korean and shares advanced 0.15 percent and 0.85 percent, respectively.

"Concerns towards trade conflict stemming from U.S. tariffs continue to linger in the background, capping risk appetite, pushing Treasury yields lower which in turn weighing on the dollar," said Junichi Ishikawa, at in

"That said, there are still bright spots that bode well for broader risk sentiment, as the Nasdaq's gains shows."

Separately, U.S. on Monday blocked Singapore-based maker Broadcom Ltd's takeover bid of on grounds of national security, ending what would have been the technology industry's biggest deal ever.

The dollar index against a basket of six major currencies rose 0.1 percent to 89.999 after shedding about 0.2 percent overnight.

The euro was little changed at $1.2329 after gaining 0.25 percent overnight.

The U.S. currency was up 0.3 percent at 106.740 yen, trimming some losses after a suspected cover-up of a cronyism scandal put Japanese and his close ally, Taro Aso, under fresh pressure.

Although such doubts have lent support to the yen, the concerns over Japanese political risks have had a relatively minor effect on wider markets so far, said Stephen Innes, for in

"I'm not sure if that's going to be enough to get us out of this current little risk revival mode that the market is in," Innes said.

The benchmark 10-year note yield stood little changed at 2.879 percent. The yield declined by 2.5 basis points overnight.

In commodities, extended losses after sliding the previous day amid ongoing concerns over rising U.S. output.

U.S. crude futures lost 3 cents to $61.32 per barrel after losing 68 cents the previous day. Brent dipped 2 cents to $64.93 per barrel.

(Reporting by Shinichi Saoshiro; Additional reporting by in Singapore; Editing by and Kim Coghill)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 11:57 IST