Asian shares rose to their highest in three weeks on Wednesday, buoyed by a rally in tech stocks, while the dollar wobbled after soft U.S. retail sales data reinforced expectations of the Federal Reserve cutting rates later this year.

Oil rose slightly in early trade on Wednesday as concern over escalating conflict in Europe and the Middle East offset demand worries following an unexpected build in U.S. crudeinventories.

The dollar was nursing losses on Wednesday after soft U.S. retail sales data reinforced bets of imminent Federal Reserve rate cuts, while sterling eased a touch ahead of a reading on UK inflation due later in the day.

Japan's core machinery orders fell in April for the first time in three months, government data showed on Monday, due to a pullback from the prior month's big jump, but the Cabinet Office said capital spending remained on track for a recovery.

China's May industrial output lagged expectations and a slowdown in the property sector showed no signs of easing despite policy support, adding pressure on Beijing to shore up growth.

Investors trying to get a handle on the strength of the U.S. economy -- and the timing of Federal Reserve interest rate cuts -- will be looking closely at Tuesday’s retail sales data for May.