NEW YORK/SINGAPORE - Asian stocks dipped on Tuesday, retreating from record highs as lingering concerns about potential roadblocks to the Biden administration’s $1.9 trillion stimulus weighed on sentiment, dragging U.S. Treasury yields to three-weeks lows.
In a sea of red seen across Asian markets, South Korea and Hong Kong topped losers and fell 1.7% each, Japan slipped 0.6% and Chinese stocks shed 1.5%. All have touched milestone highs this month. “The immediate question now is when stimulus aid will be approved and how much?” said Christopher Grisanti, chief equity strategist at MAI Capital Management.
Overnight, the Nasdaq index scaled a new peak and added 0.7% on hopes of strong earnings later this week from technology titans, but the Dow Jones Industrial Average index struggled to keep pace and fell 0.12%. [.N]
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