Asian equites closed mixed on Tuesday as Beijing announced fresh new crackdown on tech sector and on potential delisting of Chinese stocks in the U.S.
Shares in the Mainland China closed nearing 1% while Hong Kong saw sharp decline amid slump in tech shares. South Korea, Thailand and Japan closed higher.
Traders are awaiting for release of bank’s benchmark rates in China which is to be released on Wednesday.
Futures on the S&P 500 were steady and contracts on the Nasdaq 100 rose. Treasury yields ticked up after St. Louis President James Bullard voiced for interest rates hike by 75 basis points.
“The Bullard comments really encapsulate the quandary that many of the world’s central banks have found themselves in,” said Jeffrey Halley, a senior markets analyst at Oanda as reported by Bloomberg.
“Luckily, they have plenty of excuses in the shape of the pandemic and the Ukraine war. Central banks can now play catchup, hike aggressively and run the risk of recessions. Getting the pain over and done may be the least worst option.”
Crude oil pared gains with the WTI trading around $106 a barrel while Brent trading around $111 a barrel.
