Asian stocks rise as tech boost offsets Fed jitters; China leads

Regional markets looked past fears of higher-for-longer U.S. rates following strong inflation data released last week. But said fears are expected to ramp up as a draws closer this week. 

Tech was the best performer for the day, tracking a strong session on Wall Street on Friday following blowout earnings from Microsoft Corporation (NASDAQ:) and Alphabet Inc (NASDAQ:). U.S. stock index futures rose in Asian trade on Monday.

Strength in tech also helped markets look past data showing sticky U.S. inflation, which sets up the prospect of more hawkish signals from a Federal Reserve meeting later this week. 

Anticipation of the meeting is expected to limit gains in Asian markets.

Chinese stocks rise on property cheer, PMIs awaited 

China’s and indexes rose 1.3% and 0.8%, respectively, outperforming most of their regional peers. 

Gains were driven chiefly by property stocks, after the Chinese government announced measures to further loosen home purchase restrictions across major cities. 

The move was aimed at bolstering the property market, which is grappling with a three-year slump and has been a key pressure point for the Chinese economy. 

Gains in Chinese stocks also came just days before key data for April, which is expected to offer more cues on an economic recovery in the country.