Hong Kong, May. 11 (BNA): Asian stocks rose on Thursday as investors rejoiced at signs of easing inflationary pressure in the United States after data showed that consumer prices rose in April at a slower-than-expected pace.
The Labor Department’s Consumer Price Index (CPI) rose 4.9% in April from a year ago, compared to expectations for a 5% increase, raising hopes that the Fed’s rate-raising cycle is coming to an end. On a monthly basis, the consumer price index in April rose 0.4% after rising 0.1% in March, Reuters reported.
Markets are also watching consumer and producer price growth data in China and the full-year earnings season in Japan which continues with reports from Honda, Nissan and SoftBank Group.
Data on Thursday showed that consumer prices in China rose at a slower pace and missed expectations in April, while factory gate contraction deepened, suggesting more stimulus may be needed to boost the erratic post-COVID economic recovery.
Finance leaders from the Group of Seven (G7) on Thursday will open three days of meetings in Japan and will seek to diversify supply chains away from China – but also try to get Beijing’s cooperation in solving global debt problems.
Early in the Asian day, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%.
Australian shares fell 0.19%, while Japan’s Nikkei fell 0.13%.
China’s CSI300 Super Index rose 0.15% in early trade, while Hong Kong’s Hang Seng opened 0.41% higher.
MI