Asian stocks were mixed Wednesday as traders weigh the impact of elevated inflation on the economic recovery and look ahead to earnings reports. Longer term Treasury yields declined.

Shares retreated in Japan, edged up in South Korea and fluctuated in Australia. U.S. futures fell after the S&P 500 and Nasdaq 100 dipped, with investors waiting to see whether the profit outlook can repair sentiment.

The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.17% to 18,035 as of 7 a.m.

The U.S. 10-year Treasury yield slipped further below 1.60%, while the yield curve flattened. The dollar was little changed. Markets are awaiting a U.S. CPI report that is expected to show inflation remained elevated.

A rally in crude oil amid a global energy crunch paused. In cryptocurrencies, Bitcoin pared its recent rally and traded around $56,200.

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