Asian markets rose following a surprise slowdown in U.S. inflation, which scaled back market expectations for interest rate hikes. Shares in Asia tracked a rally on Wall Street after reports showed inflation was not as bad last month as economists had expected.
This rally provided a much-needed lift for Asian stocks after a painful selloff in recent weeks. Tech firms had been particularly battered by concerns regarding extended valuations and the vast sums invested in artificial intelligence.
While markets were higher on Wednesday, shares were set to open mixed on Thursday following the softer-than-anticipated inflation data.
In the commodities market, oil opened higher on Thursday. Previously, oil had taken a breather on Wednesday after the U.S. scrapped a plan to levy shipping through the Strait of Hormuz.