Asian shares pulled back as worries over renewed Sino-US 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 US consumer inflation in June, and helped to lift the S&P 500 index to a record closing. S&P 500 e-mini futures were last up 0.21per cent at 3,010.25.
Federal Reserve Chairman Jerome Powell indicated 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.