NEW YORK- Asian stocks inched higher on Wednesday, as upbeat Wall Street earnings and optimism about a global recovery supported sentiment, although concerns about the sustainability of a recent risk rally are likely to cap gains.
The Australian S&P/ASX 200 Index was last up 0.5 percent and e-mini futures for the S&P 500 rose 0.14 percent. Japan’s Nikkei 225 slipped 0.31 percent.
Bitcoin, which gained 19.5 percent on Monday, was down 0.1 percent at $46,354 as Asian trading got underway.
The cryptocurrency was headed toward $50,000 on Tuesday, but paused at $48,216.
The early action came as shares of Lyft Inc rose as much as 11 percent while Twitter Inc climbed 2 percent in aftermarket trading on their latest quarterly results.
The earnings follow a slowdown in the global market rally on Tuesday as investors reconsidered how much government stimulus spending, easy money from central banks and vaccinations will boost stocks, oil and inflation.
“Substantial inflation worries are potentially overblown,” Stephen Innes, chief global markets strategist at financial services firm Axi, wrote in a note to clients.
On Wall Street, major stock indexes closed little changed, though the tech-heavy Nasdaq Composite eked out a record high on a gain of 0.14 percent. The S&P 500 lost 0.11 percent and the Dow Jones Industrial Average lost 0.03 percent.
The S&P had climbed the previous six sessions and is up 5.3 percent for the month. All three indexes closed at records on Monday.
European shares also slipped, with the STOXX 600 index finishing 0.1 percent in the red.
The index has gained nearly 4 percent this month. – Reuters