Asian shares retreat in thin holiday trading after a tech-led rally on Wall St

Asian shares retreated on Friday in thin holiday trading after a tech-led rally on Wall Street. With Greater China markets closed for the Dragon Boat festival, liquidity was light as investors weighed higher U.S. rates against a still resilient technology complex. U.S. futures drifted lower as optimism over a U.S.–Iran peace deal cooled by delays in talks on Iran’s nuclear program and by uncertainty around reopening oil routes through the Strait of Hormuz. Traders also considered that major central banks, including the Federal Reserve, may continue raising rates to curb inflation. Wall Street’s prior session had featured strong tech gains that supported the rally, underscoring the uneven tone across markets.