Asian shares were mostly lower Tuesday amid concerns about regional stability as an expected visit by U.S. House Speaker Nancy Pelosi to Taiwan prompted threats from Beijing.
Benchmarks headed downward across the board in the region in early trading, including Japan, China, South Korea and Australia.
"Risk sentiment took a hit following reports suggesting U.S. House Speaker Pelosi is to go ahead with her visit to Taiwan. Investors are likely to be looking for defensive positions as the geopolitical situation could escalate over the next few days," said Anderson Alves of ActivTrades. The cash rate is now at its highest point since May 2016 when the bank cut the rate from to 1.75% from 2%.
Bond yields mostly fell. The yield on the 10-year Treasury, which influences mortgage rates, fell to 2.60% from 2.65% late Friday. More than half of the companies in the S&P 500 have reported their latest earnings results, which have been mostly better than expected. Many companies have also warned that inflation is hurting consumer spending and squeezing operations. Businesses have been raising prices to try to keep up profits.
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