Asia Markets: Asian markets pull back, led by banking and tech stocks

The global pullback in equity markets continued in Asia on Wednesday, where stocks opened lower across the board, following the firing of U.S. Secretary of State Rex Tillerson.

In China, better-than-expected economic data raised the specter that the central bank might be forced to raise interest rates to keep growth from overheating.

Chinese industrial-production and fixed-asset investment data showed the economy grew much faster than expected in the first two months of 2018. That came after consumer prices unexpectedly rose in February during the Lunar New Year holiday.

“We feel that inflation is going to pick up and there will be some modest price pressure,” said Irene Cheung, senior foreign exchange strategist for Asia at ANZ.

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