Asian stock markets track Wall Street gains on cooler inflation data, now await Fed

The 7.1% consumer price index reading for November raised hopes Tuesday for easing pressure on the economy ahead of an interest rate policy update from the U.S. Federal Reserve.The 7.1% consumer price index reading for November raised hopes Tuesday for easing pressure on the economy ahead of an interest rate policy update from the U.S. Federal Reserve.

The headline index for large manufacturers was 7, down from 8 in the previous quarter and the fourth straight quarter of declines. The tankan measures corporate sentiment by subtracting the number of companies saying business conditions are negative from those responding they are positive. Tokyo’s Nikkei 225 NIK advanced 0.8% to 28,178.55 and the Hang Seng HSI in Hong Kong added 0.7% to 19,730.48. South Korea’s Kospi 180721 was up 0.8% to 2,392.11.In Australia, the S&P/ASX 200 XJO gained 0.6% to 7,243.40.

“To be precise , the headline understates underlying inflation risks that concern the Fed,” the report said. Some of Wall Street’s wildest action Tuesday was in the bond market, where yields fell sharply immediately after the inflation report’s release.

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