- Oil prices tumble on easing Middle East fears
- Oil prices hit by easing Middle East fears, most Asian markets rise
- Hopes pinned on peace across Taiwan Strait after drills
- Belgian pathologist and literary star gives 'voice to the dead'
- East Timor fights new battles 25 years after independence vote
- Oil prices drop on easing fears over Middle East, most markets rise
- Reoxygenating oceans: startups lead the way in Baltic Sea
- King Charles III heads to Australia and Commonwealth meeting
- Wall Street stocks hit fresh records as oil prices slide
- Strike-hit Boeing leaves experts puzzled by strategy
- NASA launches probe to study if life possible on icy Jupiter moon
- EVs seek to regain sales momentum at Paris Motor Show
- NASA probe Europa Clipper lifts off for Jupiter's icy moon
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- Stocks diverge, oil retreats as China disappoints markets
- Trio wins economics Nobel for work on wealth inequality
- Ex-Stasi officer jailed over 1974 Berlin border killing
- Shanghai stocks gain after stimulus briefing as markets rally
- Shanghai stocks gain after stimulus briefing as Asian markets rally
- Nearly 90, but opera legend Kabaivanska is still calling tune
- With inflation down, ECB eyes faster tempo of rate cuts
- Is life possible on a Jupiter moon? NASA goes to investigate
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- In milestone, SpaceX 'catches' megarocket booster after test flight
- In a first, SpaceX 'catches' megarocket booster after test flight
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Ubisoft fears assassin's hit over falling sales
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
- 'Little Gregory' murder haunts France 40 years on
- Tariffs, tax cuts, energy: What is in Trump's economic plan?
- Amazon wants to be everything to everyone
- Jewish school in Canada hit by gunfire for second time
- With medical report Harris seeks to play health card against Trump
- China-EU EV tariff talks in Brussels end with 'major differences': Beijing
- Buried Nazi past haunts Athens on liberation anniversary
- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- China offers $325 bn in fiscal stimulus for ailing economy
- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
Markets surge on hopes Fed close to end of hiking cycle
Asian markets leaped Thursday on optimism the Federal Reserve's long-running campaign of interest rate hikes could be near an end after data showed US inflation rose less than expected last month.
Traders already had a spring in their step this week on signs that the bank's monetary tightening measures were kicking in, fanning speculation this month's expected hike could be the last of an elongated cycle.
And the mood brightened further Wednesday when the Labor Department said the consumer price index came in at 3.0 percent in June, the lowest since March 2021 and sharply down from 4.0 percent in May. The Fed's target is two percent.
On top of that, the "core" rate, which excludes the volatile food and energy components and is seen as a better sign of underlying inflation, sank to its lowest since 2021.
The readings follow last week's better-than-hoped personal consumption expenditures data -- seen as the Fed's preferred gauge -- and stoked bets that the bank will hike just once more this month before calling it quits.
Analysts also pointed out that while showing signs of softness, the economy remained in rude health and the labour market was still robust, suggesting the recession many had feared earlier this year could be avoided.
"The economy is defying predictions that inflation would not fall absent significant job destruction," Lael Brainard, director of the National Economic Council and former Fed vice chair, told the Economic Club of New York.
Also Wednesday, the Fed's "beige book" survey of the economy showed activity had improved since late May thanks to strong tourism and travel.
Wall Street cheered the latest figures, with the Nasdaq up more than one percent as tech firms are more susceptible to borrowing costs, while European markets also surged.
And Asia happily picked up the baton, with Hong Kong up more than two percent while Tokyo, Sydney, Seoul, Singapore, Taipei and Manila were all up more than one percent.
Shanghai, Jakarta and Wellington were also well up.
And the dollar struggled to rebound from losses Wednesday against its main peers, with the yen holding below 139 to the greenback, sterling hovering around a 15-month-high of $1.30 and the euro at multi-month highs.
Hong Kong's tech giants were among the Hang Seng Index's best performers on hopes that China's crackdown on the sector is near an end.
That optimism was boosted by state media reports that Premier Li Qiang met representatives from industry leaders including Alibaba and TikTok's Chinese counterpart Douyin on Wednesday.
Li "listened to the opinions and suggestions" of the sector for a "healthy development" of the digital economy, broadcaster CCTV said.
Representatives of Alibaba's cloud computing arm, e-commerce champions JD.com and Pinduoduo, and social networks Douyin and Instagram-like Xiaohongshu were among those present.
"I hope many digital companies will firmly believe in the future," said Li, according to CCTV.
The imposition of hefty fines for fintech affiliates of Tencent and Alibaba last week was seen as a signal the painful crackdown had wound down.
Traders are also keeping watch for any statements out of Beijing after officials announced a series of pledges to support the struggling property sector and indicated other growth-boosting measures would be outlined.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: UP 1.3 percent at 32,357.04 (break)
Hong Kong - Hang Seng Index: UP 2.3 percent at 19,292.09
Shanghai - Composite: UP 0.7 percent at 3,218.85
Euro/dollar: UP at $1.1140 from $1.1138 on Wednesday
Dollar/yen: UP at 138.52 yen from 138.47 yen
Pound/dollar: UP at $1.3010 from $1.2992
Euro/pound: UP at 85.73 pence from 85.70 pence
West Texas Intermediate: UP 0.1 percent at $75.80 per barrel
Brent North Sea crude: UP 0.1 percent at $80.19 per barrel
New York - Dow: UP 0.3 percent at 34,347.43 (close)
London - FTSE 100: UP 1.8 percent at 7,416.11 (close)
A.Mykhailo--CPN