Asia Stocks Rise as Investors Wait on US Inflation Data

Asian stocks rose on Wednesday as investors awaited key US inflation data for clues on the Federal Reserve's next moves.

The MSCI Asia Pacific Index gained 0.9%, with 10 of its 11 industry groups advancing, as equity-index futures pointed to further gains in Europe and on Wall Street.

Japan's Nikkei 225 rose 1.4% while the broader Topix gained 0.6%. South Korea's Kospi and Kosdaq both advanced more than 1%, while Australia's S&P/ASX 200 was marginally higher.

The recent rise in longer-dated Treasury yields has increased borrowing costs across the economy, with the average 30-year fixed mortgage rate reaching 7.58% on Tuesday, its highest level since November 2023.