HONG KONG : Asian shares were cautiously higher on Tuesday after a late revival on Wall street, though global growth fears stoked by China’s stringent COVID-19 curbs and an expected streak of aggressive Federal Reserve tightening sapped risk appetite.
The nervousness about China's economic slowdown hit Australian shares in early trade, with the local benchmark down 1.78 per cent, hurt particularly by declines in miners.The stringent lockdown in China, and its proliferation as cases spread to other big cities like Beijing, is weighing on the economic growth outlook and investment sentiment, said Manishi Raychaudhuri, Asia-Pacific equity strategist at BNP Paribas.
In currency markets, the dollar was in fine fettle on safe-haven demand. China's offshore yuan was steadier in early trading, at 6.5564 per dollar after the People's Bank of China said late on Monday it would cut the amount of foreign exchange banks must hold as reserves.
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