Asian stocks were steady Tuesday while Treasury yields and the dollar trimmed gains as traders weighed inflation concerns and the prospect of a quicker tapering of central bank stimulus.
Shares rose in Japan and South Korea but slipped in Australia. U.S. futures were little changed after the S&P 500 and Nasdaq 100 ended flat.
The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, added 0.24% to 18,182, as of 7:15 a.m.
U.S. President Joe Biden and Chinese leader Xi Jinping began a face-to-face virtual summit. Any signs of improving bilateral ties could help sentiment, but the effect may be short lived given wider concerns in markets over inflation and the fallout of Xi’s “common prosperity” drive to tackle inequality.
Elsewhere, oil fluctuated as investors wait to see if the Biden administration will tap crude reserves. Bitcoin slipped to trade below $62,000.