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Asia stocks surge as cooling inflation feeds hopes Fed will ease up

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SINGAPORE : Asian shares spiked higher on Friday, while the dollar nursed steep losses after a smaller-than-expected increase in U.S. consumer prices fuelled hopes that the Federal Reserve could tone down its aggressive pace of interest rate hikes. MSCI's broadest index of Asia-Pacific shares outside Japa

SINGAPORE : Asian shares spiked higher on Friday, while the dollar nursed steep losses after a smaller-than-expected increase in U.S. consumer prices fuelled hopes that the Federal Reserve could tone down its aggressive pace of interest rate hikes.

"It's something the market had been waiting for a long time," said Shane Oliver, head of investment strategy and chief economist at AMP Capital."There was a lot of money sitting on the sidelines." Financial markets have now priced in an 85 per cent likelihood of a smaller, 50 basis-point interest rate hike at the conclusion of next month's FOMC policy meeting, according to CME's Fedwatch tool.

In the currency market, the U.S. dollar index slumped more than 2 per cent overnight to 108.100, the most in over a decade. It was last at 108.230.

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