Asian stocks edge higher, led by rally in commodities By Reuters - Investing.com
MILAN/SINGAPORE (Reuters) - Optimism about the economic outlook pushed commodity prices to new highs on Tuesday, helping stocks steady as expectations of a dovish testimony by Federal Reserve Chairman Jerome Powell calmed down bond yields.The MSCI world equity benchmark was flat near two week lows by 0919 GMT, helped by gains in commodity-heavy equity indexes in Asia and a rally in European travel stocks on the prospect of easing social restrictions.World stocks had been weighed down in recent sessions by a rapid surge in global bond yields which fuelled expectations that central banks could eventually turn less accommodative in a bid to tame inflation.But the sell-off in the bond market eased after European Central Bank chief Christine Lagarde said on Monday the central bank was "closely monitoring" rising borrowing costs.Tech stocks and rate-sensitive sectors like utilities in Europe however fell, offsetting stronger travel and commodity stocks and pushing down the regional benchmark by 0.6%.Nasdaq futures were down 0.6% at three-week lows after high-growth stocks such as Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and Tesla (NASDAQ:TSLA) dragged the index down 2.5% on Monday, while S&P 500 futures inched 0.1% lower.10-year Treasury yields edged up to 1.374% but remained below the one-year high of 1.394% hit on Monday.
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