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Asian stocks draw robust foreign inflows on US rate outlook, tech rally

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Foreign investors channelled massive money into Asian equities in June, after two months of selling, as easing U.S. price pressures raised hopes that the Federal Reserve would cut interest rates this year.

Taiwan Stock Exchange displays its new logo in a ceiling vault of its building in Taipei, Taiwan July 11, 2023 Joe Wang/TWSE/Handout via REUTERS/File Photo

U.S. inflation held steady in May, aligning with economists' forecast, a Commerce Department report indicated last week. Fed Chair Jerome Powell said on Tuesday that the U.S. is back on a"disinflationary path", reinforcing expectations about forthcoming rate cuts. Propelled by the global tech rally, the MSCI Asia Pacific IT index advanced nearly 10 per cent in June, marking its best performance in seven months.

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