Tokyo — Asia stocks pulled further back from record highs on Wednesday, as the recent rise in global bond yields weighed on equities, while the dollar steadied ahead of the Federal Reserve’s policy decision. In his first state of the union address since becoming US President, Donald Trump urged Republicans and Democrats to work towards compromises on immigration and infrastructure, and to implement legislation that generates at least $1.5-trillion for new infrastructure investment. Market reaction to the address was limited. MSCI’s broadest index of Asia-Pacific shares outside Japan added to the previous day’s losses with a 0.2% dip, after reaching a record high on Monday. Individual indices were mixed South Korea’s Kospi rose 0.3% while Japan’s Nikkei dropped 0.1%. Hong Kong’s Hang Seng shed 0.55% Shanghai retreated 0.6%. Wall Street, which has recently hit a succession of record peaks, has led a global equities rally over the past year thanks to strong world growth fuelling higher...

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