Asian stock markets traded mostly higher on Thursday as technology shares extended gains and a softer US inflation reading reduced expectations of an imminent Federal Reserve rate increase. South Korea's Kospi rose 3.75%, while Japan's Nikkei 225 gained 1.48%. Australia's ASX 200 declined 0.28%, and Shanghai slipped 0.01%.
Technology stocks remained a key driver for regional equities after a stronger performance on Wall Street. The latest US inflation data also helped improve sentiment by reducing concerns that the Federal Reserve may need to tighten policy in the near term. Recent market gains have been supported by renewed interest in artificial intelligence-related stocks.
Oil moved in the opposite direction, with Brent crude falling 1% to $88.06 a barrel after recording six consecutive sessions of gains. The pullback came as investors assessed the latest inflation data and developments around the Middle East.
US equity futures were largely subdued ahead of further economic data and corporate earnings. Dow Jones Industrial Average futures were just above the flatline, while S&P 500 futures edged lower and Nasdaq-100 futures slipped 0.1%.
The Japanese yen remained another point of attention, trading around the 160-per-dollar level. Its proximity to that threshold has kept markets alert to the possibility of further intervention by Japanese authorities in the foreign-exchange market.
The combination of firmer technology shares, softer US inflation and a modest retreat in crude prices provided a more supportive backdrop for Asian equities, although investors continued to monitor oil and currency moves for signs of renewed inflationary pressure.
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