Asian Stocks Advance as Cooling US Inflation and Cheaper Oil Ease Fed Fears
MSCI's Asia Pacific gauge rose 0.4% and South Korea's KOSPI jumped nearly 3% after softer US inflation signals and lower oil prices weakened the case for a September Fed hike.
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Asian equities followed Wall Street higher after fresh evidence of moderating US inflation and a pullback in oil prices reinforced expectations that the Federal Reserve will keep rates on hold in September. MSCI's Asia Pacific gauge added 0.4%, while South Korea's KOSPI jumped almost 3%.
US markets set the tone: the S&P 500 rose 0.7% to a record and the Nasdaq 100 climbed more than 1%, supported by increased hyperscaler spending. The two-year Treasury yield fell to 4.14%, and money markets now price less than a 40% chance of a September rate hike.
Source: First Squawk