Asia stocks wary; Wall St unfazed as Biden bows out

Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong KongSYDNEY - Asian shares tread cautiously on Monday ahead of a packed week of corporate earnings that should test the sky-high valuations of tech stocks, while investors hope a key reading in U.S. inflation will narrow the odds on a September rate cut.

"As Trump's polling results have lifted, markets have favoured positions that anticipate more trade barriers and possibly higher inflation," ANZ analysts said. U.S. second-quarter earnings are poised to dominate the week, with Tesla and Google-parent Alphabet kicking off the season for the "Magnificent Seven" megacap group of stocks.The tech sector is projected to increase year-over-year earnings by 17%, while profit for the communication services sector is seen rising about 22%.A busy week for economic news will culminate with the Federal Reserve's favoured inflation measure out on Friday.

The closely-watched Atlanta Fed GDPNow indicator points to growth of 2.7%, suggesting some risk to the upside. In commodity markets, gold held at $2,410 an ounce and not far from last week's record high of $2,483.60.

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