Asian Markets Rise on Cooler Inflation

Asian markets traded higher after the release of US inflation data that was in line with expectations, reducing the likelihood of the Federal Reserve raising interest rates in upcoming meetings. The MSCI Asia index increased by 0.97%, with South Korean stocks surging by 4.4%, and the Japanese Nikkei rising by 1.86%. The data showed that US consumer prices rose by 0.1% in July, leading to a decrease in the probability of a rate hike to 40%, down from 54% a week earlier. In the energy sector, oil prices remained near $80 per barrel amid ongoing tensions between Washington and Tehran over the Gulf conflict. Meanwhile, US stock markets showed mixed results, closing with varying performances, and oil prices declined slightly.

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