Asian shares shaky as investors wary before US inflation data
markets braced for a key U.S. inflation reading, while the yen lurked just shy of 160 per dollar level, keeping traders on alert for another round of intervention by Japanese authorities.
Risk sentiment was also capped as hawkish comments from Federal Reserve officials kept near-term U.S. rate cut expectations in check in a boost to the dollar.
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed at 566.55 in choppy trading, inching away from the two year high of 573.38 it touched last week. The index is still up 3.5% in June, on course for fifth straight month of gains.
Japan's Nikkei and Taiwan stocks soared, led by chipmakers, tracking the rally in tech heavy Nasdaq on Tuesday, with Nvidia surging over 6%, snapping out of a three-session tailspin that had erased about $430 billion from its market value.
China stocks, however, edged lower with blue-chip CSI300 Index and the Shanghai Composite Index both down 0.2% and headed for decline of 4% for the month.
Hong Kong's Hang Seng index was also off 0.16%.
On the U.S. monetary policy front, Fed officials urged patience on interest rate cuts, with governor Lisa Cook saying the central bank is on track for a rate cut if the economy's performance meets her expectations. But Cook declined to say when the Fed will be able to act.
U.S. Federal Reserve Governor Michelle Bowman reiterated her view that holding the policy rate steady «for some time» will probably be enough to bring inflation under control.
The comments along with data showing
