Stocks in Hong Kong and South Korea rose more than 1%

SINGAPORE – Asia-Pacific markets rallied on Thursday after a better-than-expected inflation report in the US sent stocks higher.

of Australia S&P / ASX 200 increased by 0.97%.

The Kospi in Korea was 1.32% higher and Kosdaq was up 1.31%.

From Hong Kong Hang Seng Index up 1.19%, with the Hang Seng Tech index up 1.66%.

The mainland Chinese market also surged. The Shanghai Composite up 0.34% and Shenzhen Ingredients up 0.39%

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.04%.

The Japanese market is closed on Thursday for a public holiday.

Consumer prices rose 8.5% in July from a year earlier, a slightly better result than the 8.7% gain that economists polled by Dow Jones had expected.

The Dow Jones Industrial Average rose 535.10 points, or 1.63%, to close at 33,309.51. The S&P 500 rose 2.13% to 4,210.24 and the Nasdaq Composite gained 2.89% to 12,854.80.

ANZ Research’s Brian Martin and Daniel Hynes wrote: “It is understandable that markets are pleased to see better inflation headlines overnight. in a Thursday note.

“We strongly doubt that a single monthly data point will be enough to cause the Fed to abandon its hawkish vigilance,” the note said.

In company news, SoftBank The group said it will reduce its stake in Chinese tech giant Alibaba through the early settlement of prepaid forward contracts for approximately 242 million US Depository Receipts. SoftBank estimates that the move will add 4.6 trillion yen ($34.6 billion) to pre-tax profits.

“By settling these contracts early, SBG will be able to eliminate concerns about future cash flows, and further, reduce costs associated with contracts,” the company said in a press release. this prepayment term.

“These will further strengthen our defense against a harsh market environment.”

Separately, Apple supplier Foxconn on Wednesday posted results that beat expectations, but are cautious about the outlook.