Asian stocks rise on tech rally, Fed rate cut wagers

SINGAPORE - Asian shares rose to their highest in three weeks on Wednesday, buoyed by a rally in tech stocks, while the dollar wobbled after soft U.S. retail sales data reinforced expectations of the Federal Reserve cutting rates later this year.

" Fed will need more data to support its case for a rate cut and investors should not overact to one or two data points," said Vasu Menon, managing director of investment strategy at OCBC. Fed officials, heartened by recent data, are looking for further confirmation that inflation is cooling and for any warning signs from a still-strong labour market as they steer cautiously toward what most expect to be an interest rate cut or two by the end of this year.The single currency has been under pressure in the wake of French President Emmanuel Macron calling for a snap election following a trouncing of his ruling centrist party in the European Parliament elections.

Kyle Chapman, FX markets analyst at Ballinger Group, said Wednesday's May inflation report will be the deciding factor and a cut could still be on the table if services inflation gets back on track. Minutes of Bank of Japan's April policy meeting showed policymakers debated the impact a weak yen could have on prices, with some flagging the chance of raising interest rates sooner than expected if inflation overshoots.

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