HONG KONG : The dollar and U.S. yields extended gains in Asia on Wednesday, spurred by tapering talk, while Asian shares traded sideways on fears about the spread of the coronavirus despite a record close on Wall Street.
Improving U.S. economic data and a more hawkish tone from Federal Reserve officials have led markets to expect the central bank to begin tapering its asset purchases later this year, pushing up yields and supporting the dollar. "But there is a lot more concern about Delta because of its impact on a lot of Asian economies where vaccination rates are lower," he said.
The Dow and S&P 500 closed at record highs as economically sensitive value stocks gained with the U.S. Senate's passage of a US$1 trillion bipartisan infrastructure package, which now passes to the House of Representatives.
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