STORY CONTINUES BELOW THESE SALTWIRE VIDEOSSINGAPORE - Asian stocks rose on Thursday, as traders figured a small upside surprise for U.S. inflation was unlikely to push up interest rates and turned their focus to a European Central Bank meeting later in the session.
"I think markets are largely prepared for a rebound in inflation, given the rapidly rising global energy prices," said Glenn Yin, head of research and analysis at AETOS Capital Group in Melbourne. Also overnight chip designer Arm Holdings secured a $54.5 billion valuation, with its IPO pricing at $51-a-share at the top of the indicated range. It begins trading on Thursday.Around Asia stock moves were mostly modest, with the Hang Seng up 0.2%, South Korea's Kospi up 0.9% and mainland Chinese markets flat. Chinese electric vehicle stocks slipped after the EU announced a probe into their subsidies.
Elsewhere in foreign exchange markets the Australian dollar was boosted by a surge in employment in August and it rose about 0.4% to $0.6440. Interest rate expectations were little changed.
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