Hong Kong's Hang Seng index rose 0.35 per cent, but Chinese blue-chip stocks fell 0.1 per cent.Japan's Nikkei was the major outlier, surging 2.43 per cent to its highest level since January as markets reopened following a national holiday. The yen fell 1.14 per cent and was trading at 133.245 per dollar.
Markets were tentative early this week ahead of key economic data out of the United States. The consumer price index report on Wednesday showed inflation was slightly lower than expected in July, while the producer price index unexpectedly fell for the first time since April 2020.The slight easing of inflation readings had driven global stocks higher and capped a rising dollar, until a string of Fed speakers put paid to expectations of the central bank going slow on further policy tightening.
Chicago Fed President Charles Evans said he believed the Fed would likely need to lift its policy rate to 3.25 per cent-3.5 per cent this year and to 3.75 per cent-4 per cent by the end of next year, in line with what Fed Chair Jerome Powell signalled after the Fed's latest meeting in July.
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