US Inflation Data Sends Asian Markets Lower

Asian markets were mostly lower on Friday after US inflation data showed an improvement in July. The figures, which beat expectations, could influence the Federal Reserve's decision to raise interest rates. Oil prices steadied following a 2% drop on Thursday.

The S&P 500 rose 0.7% and reached an all-time high close of 7,798.99 on Thursday, while the Dow Jones Industrial Average added 0.1%. The Nasdaq composite climbed 0.8% to 26,803.03.

Stephen Innes of SPI Asset Management said that with oil prices backing off and inflation trending in a favorable direction, 'the market has steadily stripped away the case for another near-term Fed hike.'