Stocks in Asia soar as cooling inflation feeds hopes Fed will ease up

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Asian shares scaled a seven-week high on Friday, while the dollar wobbled after cooler-than-expected U.S. inflation data sparked hopes that the Federal Reserve could tone down its aggressive interest rate hikes.

soared 5.33%, set for its biggest one-day percentage jump since March 2020. The index is down 23% for the year but is heading for a weekly gain of more than 7%, the biggest in more than two years.

Data on Thursday showed that the U.S. consumer price index had been 7.7% higher in October than a year earlier. It was the first annual increase of less than 8% since February and the smallest since January. Investors poured into risky assets after the data, sending the dollar tumbling and U.S. Treasury yields to a five-week low.

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