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| - Asian and European stock markets mostly struggled Wednesday on concern that President Joe Biden's $1.9-trillion virus stimulus -- which is expected to be passed later today -- could spark surging inflation. This year's global equities rally has faltered on fears over the prospect of soaring inflation and rising interest rates as the global economy emerges from the deadly coronavirus crisis. As approval Biden's vast Covid-19 stimulus nears, investor focus has been on the impact of an expected post-lockdown spending splurge by the government and Americans. Markets will also pay keen attention to US consumer price inflation data for February due later Wednesday. "The US appears to be on the cusp of a historic $1.9-trillion coronavirus support package that is expected to pass through the House of Representatives later today," said IG analyst Joshua Mahony. "While traders have been looking for this package as means to turbocharge the US economic recovery, there are plenty of questions over the impact it could have upon inflation. "Inflation expectations have already been soaring in the US, and the passing of this huge stimulus package adds further fuel to the fire." Benchmark 10-year Treasury yields have meanwhile climbed in recent months to one-year highs as dealers sell in expectation that higher inflation will eat into their returns. This has fanned fears the Federal Reserve will have to begin winding back the ultra-loose monetary policies -- including record low interest rates -- that have been a key driver of the year-long equities rally. Those worries were soothed Tuesday when a closely watched sale of new three-year US debt passed off without a hitch -- helping push yields down -- though focus is now on the auctions of 10- and 30-year Treasuries Wednesday and Thursday. Weak demand for seven-year notes last week sparked a sharp sell-off across world markets. The news provided a much-needed boost to Wall Street, where the tech-rich Nasdaq soared 3.7 percent, while the Dow and S&P 500 were also well in positive territory. Asia however wavered on Wednesday. There were gains in Hong Kong, Wellington, Taipei, Manila, Mumbai, Bangkok and Jakarta but Tokyo was barely moved, while Shanghai, Sydney, Singapore and Seoul fell. In early afternoon European trading, Frankfurt and Paris stocks rose but London lapsed into the red. Expectations for the global economic recovery were further enhanced Tuesday when the Organisation for Economic Co-operation and Development sharply increased its growth outlook, including a more than doubling of its US output estimates for this year. London - FTSE 100: DOWN 0.1 percent at 6,720.94 points Frankfurt - DAX 30: UP 0.4 percent at 14,489.46 Paris - CAC 40: UP 0.6 percent at 5,961.34 EURO STOXX 50: UP 0.5 percent at 3,803.90 Tokyo - Nikkei 225: FLAT at 29,036.56 (close) Hong Kong - Hang Seng: UP 0.5 percent at 28,907.52 (close) Shanghai - Composite: DOWN 0.1 percent at 3,357.74 (close) New York - Dow: UP 0.1 percent at 31,832.74 (close) Euro/dollar: DOWN at $1.1898 from $1.1901 at 2200 GMT Pound/dollar: DOWN at $1.3875 from $1.3892 Euro/pound: UP at 85.72 pence from 85.67 pence Dollar/yen: UP at 108.77 yen from 108.48 yen Brent North Sea crude: UP 0.1 percent at $67.60 per barrel West Texas Intermediate: UP 0.3 percent at $64.22 per barrel burs-rfj/rl
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