Global Market Today: Asian stocks advance, crude oil holds decline
Asian stock markets experienced a notable rise as easing US inflation rates and declining oil prices alleviated concerns regarding potential interest rate hikes. South Korea's Kospi Index surged, reflecting a positive trend seen in US technology shares. In the US, wholesale inflation dropped more than expected, impacting Treasury yields, while Federal Reserve officials expressed differing views…
Asian stocks advanced on Thursday as evidence of moderating US inflation and a pullback in oil prices fueled bets that the Federal Reserve would refrain from raising interest rates next month. The MSCI’s Asia Pacific equities gauge rose 0.4%, with South Korea's Kospi Index jumping almost 3%. The S&P 500 increased 0.7% to a record, while the Nasdaq 100 climbed over 1% to its highest level since late June, driven by increased hyperscaler spending benefiting tech shares.
Meanwhile, US wholesale inflation decelerated in July, with the producer price index rising 4.7% from a year earlier, down from a 5.5% annual increase in June, and remaining unchanged from the previous month. This cooling inflation trend has reduced pressure on the Fed to tighten policy at its meeting in September, with money markets now pricing in less than a 40% chance of a Fed rate increase in September.
Brief written by urgent.news from The Economic Times - Top News's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.
