Asian stocks follow Wall Street climb [Video]

Asian markets mostly mirrored positive strides on Wall Street in early trade Thursday, as easing US consumer inflation buoyed hopes that a big interest rate cut was around the corner and economic growth in Japan outpaced expectations.

The eagerly awaited US consumer price index (CPI) data showed a 2.9 percent rise last month from a year ago — its smallest 12-month increase since March 2021 — setting the stage for the Federal Reserve to start cutting interest rates.

Traders were optimistic that a cut at the September meeting could exceed the anticipated 25 basis points, with some observers eyeing as much as 50.

“The current buzz isn’t about whether the Fed will trim rates at its spotlight-stealing September 17-18 gathering but how deep they’ll dig into the cuts,” Stephen Innes from SPI Asset Management said in a note.

Positive growth figures from Japan meant the Nikkei 225 led the Asian …