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Stock market today: Asian shares mostly higher after US inflation data ease rate hike worries

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Shares were mostly higher in Asia on Thursday after a highly anticipated report showed inflation accelerated across the U.S. in August, but not by much more than expected. U.S. futures rose and oil prices also were higher. The subdued increase in U.S. prices eased worries over the likelihood of another interest rate hike by the Federal Reserve, leading Tokyo's Nikkei 225 to surge 1.4% to 33,168.10. In Seoul, the Kospi jumped 1.1%, to 2,561.45. Hong Kong's Hang Seng index slipped 0.1% to 17,995.2

U.S. futures rose and oil prices also were higher.

The Shanghai Composite index declined 0.3% to 3,114.38, while in Australia, the S&P/ASX 200 advanced 0.6% to 7,195.10. That’s discouraging for shoppers paying higher prices, but much of the acceleration was because of higher fuel costs. Underlying inflation trends indicated a continued moderation in price increases, economists said. Inflation has been generally cooling since peaking above 9% last year.

American Airlines cut its forecast for profits during the summer because fuel costs are running higher than it expected. It also had to pay about $230 million in retroactive pay to pilots after they ratified a new labor contract. Its stock fell 5.7%.

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