Asian stocks surge after lower US inflation eases rate fears
Asian stock markets have surged after U.S. inflation eased by more than expected, spurring hopes the Federal Reserve might scale down plans for more interest rate hikes
By JOE McDONALD
Published - Nov 11, 2022, 12:48 AM ET
Last Updated - Jun 23, 2023, 04:07 PM EDT
BEIJING (AP) — Asian stock markets surged Friday after U.S. inflation eased by more than expected, spurring hopes the Federal Reserve might scale down plans for more interest rate hikes.
Hong Kong's market benchmark jumped 5.7% and Seoul rose 3.3%. Shanghai, Tokyo and Sydney advanced. Oil prices edged higher.
Wall Street's benchmark S&P 500 index soared 5.5% on Thursday for its biggest one-day gain in 2 1/2 years after the government reported consumer prices rose 7.7% over a year ago in October. That was lower than the 8% expected by economists and the fourth month of decline.
The announcement “drove a ‘more dovish’ calibration of interest rate expectations,” said Yeap Jun Rong of IG in a report.
