Asian Stocks Rise on Tamer Than Expected US Inflation Data

Asian stocks rose across the board on Thursday after US inflation data came in line with expectations. The small increase of 0.1% in July consumer prices is likely to weaken the argument for an interest rate hike from the Federal Reserve next month.

The MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.97%, while South Korea's stocks jumped 4.4%. Japan's Nikkei also rose, up 1.86%.

CME Group's FedWatch showed that money markets are now predicting a 40% chance of a rate hike next month, down from 54% the previous week.