Business Maverick: Asia extends risk-on rally into US CPI report: markets wrap

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Equities in Asia extended the global rally in risk assets amid speculation that Tuesday’s US consumer price data will support bets that inflation there is near peaking.

Stocks rose in Japan, Australia and Hong Kong. US futures were steady after the S&P 500 completed its best four-day surge since June on Monday following robust pre-order data for Apple’s iPhone 14 Pro Max.

The inflation report is expected to show headline CPI cooled in August to an 8% a year pace while the core measure that excludes food and energy is seen accelerating. Traders almost fully expect another jumbo-sized hike next week, following two 75-basis-point increases, taking their cue from officials supporting that view.

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