Asian stocks gain as investors brace for US inflation data

HONG KONG/TOKYO : Stocks made slight gains across Asia on Wednesday while the euro hovered just above parity against the dollar as investors awaited a highly anticipated U.S. inflation report later in the global day.

Taiwanese stocks led the gains after Taiwan's finance ministry said on Tuesday evening it would activate its stock stabilisation fund. The market had fallen to a 19-month low that day. Aviation parts manufacturer Aero Win Technology Corp was the best performer today, up 10 per cent.But most moves felt insubstantial ahead of the release of U.S. inflation data for June, which economists polled by Reuters expect to have accelerated by 8.8 per cent on an annual basis, a 40-year peak.

Underscoring the global inflation concerns, South Korea's central bank on Wednesday raised rates by 50 basis points, the biggest increase since the bank adopted its current policy system in 1999, and New Zealand's central bank also increased rates by the same amount.

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