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Stock market today: Asian shares mostly rise as attention turns to earnings, economies

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Asian shares are mostly rising as markets shift their attention from the U.S. Federal Reserve to earnings and economic reports.

Investors have a busy week ahead full of economic reports that could shed more light on whether the job market remains hot and inflation is still cooling. The latest data could provide more clues about whether the Fed is likely to hold interest rates steady or raise them again before the year closes.

Investors and economists will be focusing closely on the government’s latest inflation update on Thursday. The report on personal consumption and expenditures is the Fed’s preferred measure as it tries to rein inflation back to 2%. The PCE report showed inflation rising at a rate of 3% in June and the July report is expected to show it rose slightly to 3.3%. Overall, it’s down from a high of 7% a year ago.

Powell on Friday said upcoming decisions will be based on what incoming data reports say about the economy.

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