Asian shares pulled back on Friday as worries over renewed Sino-U.S. trade tensions weighed on sentiment ahead of the release of June trade data from China, though expectations of a Federal Reserve rate cut later this month kept losses in check.
Those bets remained strong despite a rise in U.S. consumer inflation in June, and helped to lift the S&P 500 index to a record closing on Thursday. S&P 500 e-mini futures were last up 0.21% at 3,010.25.
Federal Reserve Chairman Jerome Powell indicated on Thursday that a rate cut is likely at the Fed’s next meeting as businesses slow investment due to trade disputes and a global growth slowdown.
On Friday, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.05% in early deals, with Australian shares dipping 0.16% and Japan's Nikkei stock index trimming 0.11%.
Source : Reuters