Asian shares fell on Tuesday following hawkish comments from two U.S. Federal Reserve officials overnight with investors turning cautious ahead of key inflation data, while China's reopening after COVID-19 restrictions pushed commodities higher.
"The main theme overnight was cautiousness in the equity space as stocks pared gains after hawkish comments from two Fed officials. Raphael Bostic and Mary Daly said the Fed would likely hike rates to above 5% and hold them there for some time," Commerzbank said in a client note.
The U.S. dollar and U.S. treasury yields remained under pressure, with the yield on U.S. 10-year notes edging higher on Tuesday by 1.14 basis point to 3.5284%, from 3.517% late on Monday. The dollar index fell 0.068%.
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