Asian stocks drift, dollar firms as traders ponder US rates

SINGAPORE -Asian stocks pulled back from two-and-half-year highs on Tuesday and the dollar firmed following comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Middle-East tension kept risk sentiment in check.

The spotlight during European hours will be on the inflation data from the euro zone that could pave the way for the European Central Bank to cut interest rates later in the month. A slew of economic stimulus measures has led to beaten-down Chinese stocks soaring, with the blue chip CSI300 rising 25% since the beginning of last week as global investors prepare to stake bets on China again.

Fed Chair Powell indicated on Monday the U.S. central bank would likely stick to quarter-percentage-point cuts henceforth after new data boosted confidence in economic growth and consumer spending.That led traders to price in 38% probability of a 50 bp cut next month, versus 53% on Friday, showed the CME FedWatch tool. Traders anticipate 70 bps of easing this year.slightly higher at 100.77. The euro was steady at $1.1142, while the yen fell nearly 0.5% to 144.34 per dollar.

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