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Asian stock markets : https://tmsnrt.rs/2zpUAr4

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Yen near 15-yr low on rising euro, intervention a risk

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Upbeat US data, hawkish ECB fuels rate speculation

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Tech stocks hit by report US to limit AI chips for China

By Wayne Cole

SYDNEY, June 28 (Reuters) - Asian shares hesitated on Wednesday as surprisingly upbeat U.S. economic news warred with global growth concerns, while the embattled yen hit a 15-year low on the euro and Japan hinted at intervention to prevent further losses.

The strength of U.S. data also combined with hawkish commentary from the European Central Bank to undermine bonds as markets narrowed the odds on further rate hikes.

That only heightened attention on a star-studded panel of central bankers later in the day in Portugal which includes Federal Reserve Chair Jerome Powell, ECB head Christine Lagarde and Bank of Japan Governor Kazuo Ueda.

"The U.S. data signals continued resilience in interest rate sensitive sectors, and the Fed is very clear that a period of sub-trend activity may be needed to bring inflation under control," said analysts at ANZ. "So far, that doesn't seem to be happening."

"For the ECB, senior officials signalled the need for ongoing tightening unless core inflation slows materially and a September rate hike is looking increasingly on the cards."

The rate risk kept markets cautious and MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed.

Chinese blue chips dipped 0.2%, having bounced on Tuesday as officials talked up the prospects for growth.

Japan's Nikkei outperformed with a rise of 0.7%, aided by the weakness of the yen.

Nasdaq futures eased 0.4%, dragged by a Wall Street Journal report Washington was considering new restrictions on exports of artificial intelligence chips to China. Shares in Nvidia fell 3% after the bell.

S&P 500 futures dipped 0.2%, though that followed solid gains on Tuesday as U.S. data on housing, durable goods orders and consumer sentiment handily topped expectations.

"The data indicated a firmer pace of residential, inventory, and equipment investment in the second quarter," wrote analysts at Goldman Sachs. "We boosted our Q2 GDP tracking estimate by 0.4pp to +2.2%."

That resilience offset recent softness in manufacturing surveys and led the market to narrow the odds on a July rate hike from the Federal Reserve.

Futures now imply around a 77% chance of a hike to 5.25-5.5%, and slightly more risk of a further move to 5.5-5.75%, which nudged short-term Treasury yields higher.