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Asia Shares Turn Subdued ahead of U.S. Inflation Test

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18237500 - businessman hand pointing to investment as concept

Taiwan stocks slip as pandemic hits chip makers

China exports 28 yy in May, imports 51 yy

U.S. CPI data, ECB meeting loom large this week

Nasdaq futures dip as G7 agrees global corporate tax

SYDNEY, June 7 Reuters Asian shares drifted off on Monday as relief over the benign U.S. jobs report was chilled by caution ahead of key inflation data later this week, while a coronavirus outbreak in Taiwan took an increasing toll on hardpressed chip makers.

Investors were wary on how shares of major tech firms would react to the G7s agreement on a minimum global corporate tax rate of at least 15, although getting the approval of the whole G20 could be a tall order.

So far, the reaction was muted with both Nasdaq and SP 500 futures down 0.1. EUROSTOXX 50 futures and FTSE futures eased 0.1.

Also of interest will be the tussle over U.S. President Joe Bidens proposed 1.7 trillion infrastructure plan with the White House rejecting the latest Republican offer.

MSCIs broadest index of AsiaPacific shares outside Japan slipped 0.2 and risked a fourth session of losses. Japans Nikkei edged up 0.2 and touched its highest in almost a month.

Taiwan stocks lost 0.6 as a spike in COVID19 cases hit three tech companies in northern Taiwan, including chip packager King Yuan Electronics.

Chinese blue chips were off 0.5, as data showed both exports and imports up sharply in May amid a global revival in trade and strong demand for commodities.

Chinas imports grew at their fastest pace in…

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