Asian stocks gain as investors brace for US inflation data

The euro remained just above parity against the dollar on Wednesday as investors awaited a highly anticipated U.S. inflation report later in the day. Stocks in Asia saw modest increases.

Prior to the opening of the European markets on Wednesday morning, futures were lower. While regional EuroSTOXX 50 futures slid 0.46 percent, FTSE futures declined 0.24 percent.

After the Taiwanese finance ministry announced on Tuesday evening that it will activate its stock stabilisation fund, Taiwanese stocks led the advances.

The Nikkei in Japan gained 0.37 percent after falling over 2 percent the day before.

Prior to the release of June's U.S. inflation data, which analysts surveyed by Reuters anticipate will have risen by 8.8% on an annual basis, a 40-year top, most moves, however, appeared insignificant.

The South Korean central bank increased rates by 50 basis points on Wednesday, highlighting concerns about global inflation.

On Wednesday, the euro was trading at US$1.00350 as investors continued to watch to see if it would drop below the US dollar for the first time since 2002.