Asian stocks dithered on Tuesday as investors grappled with inflation concerns in the wake of the surprise cuts to the OPEC+ group's oil output targets, while treasury yields retreated after frail U.S. manufacturing sector data.
dropped 6.1% after disclosing March-quarter deliveries rose just 4% from the previous quarter, even after CEO Elon Musk slashed car prices in January to boost demand.
Treasury yields retreated after the U.S. manufacturing data, which increased expectations for some investors the Fed will cut rates later this year as the economy slows. Separate data also showed U.S. construction spending weakened in February. The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 3.9841% compared with a U.S. close of 3.98%.
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