Asian Stocks Soar on Tamer US Inflation Bets
Asian stocks rose on Thursday as US inflation data came in line with expectations, tempering bets for a near-term Federal Reserve rate hike.
The MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.97%, led by South Korean shares jumping 4.4%. The S&P 500 E-minis were up 0.02%.
US consumer prices increased 0.1% in July, matching forecasts, which could weaken the argument for a rate increase from the Fed next month. Money markets are predicting a 40% chance of a hike, down from 54% a week ago, according to CME Group's FedWatch.
Den Miki, senior rate strategist at SMBC Nikko Securities, said both the Fed and markets will likely assess data right up until before next month's Federal Open Market Committee meeting. August CPI data is due beforehand.