Asian stocks slip as U.S.-Iran tensions push oil higher
Asian stocks took a step back from their highs today, mostly because of renewed U.S.-Iran tensions.
The MSCI Asia Pacific index dipped 0.2%, ending its five-day tech rally.
Oil prices shot up (Brent crude rose 2.2% to $96.30 per barrel) after the Strait of Hormuz was closed, squeezing energy supplies.
Fresh US strikes in Iran and mixed news about peace talks kept investors uneasy.
Dollar gains as 10-year yield rises
The US dollar gained strength and Treasury yields ticked up, with the 10-year yield now at 4.5%. Australian and New Zealand bonds also slipped.
Everyone's watching for Thursday's release of the personal consumption expenditures index, a key inflation measure, which is expected to rise above the Fed's target (from 3.5% in March to 3.8%).
Some Fed officials are hopeful inflation will cool off later this year, but others warn higher prices could stick around.