HONG KONG – Most Asian markets rose Friday following a record lead from Wall Street as traders bought into the Federal Reserve narrative that surging US inflation was only temporary and the central bank was likely to maintain its ultra-loose monetary policies for some time.
The keenly awaited US consumer price index for May came in at a forecast-busting five percent annually, well up from April and the highest in 13 years owing largely to a spike in energy costs and the low base of comparison with 2020.
The three main New York indexes initially fell on the announcement before rebounding, with analysts pointing out that prices rose less than expected on a monthly basis…
Keep on reading: Asian markets mostly up as inflation spike seen as temporary