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Asian stock markets closed higher after weaker than expected U.S. inflation data

Asian stocks closed higher today, in line with the trend of most global equity markets, after the U.S. released lower-than-expected inflation figures in July. This gives investors hope that the Federal Reserve will not accelerate interest rate hikes.

—– In Australia, the S&P/ASX 200 closed at 7,071.00, up 78.30 or +1.12%, and the All Ordinaries closed at 7,325.40, up 86.70 or +1.20%. Pointsbet Holdings+6.44%, Seek+5.43%, and Netwealth Group+5.10% were the best performers. The worst performers were Computershare-5.12%, Rio Tinto Ltd-3.93%, and APA Group-2.22%.

—– The South Korean Composite (KOSPI) closed at 2,523.78 points, up 42.90 points or +1.73%. The top gainers were Doosan Fuel+14.79%, Development Advance Solution+11.31%, and Nk+10.08%. The losers were Daiyang Metal-3.53. %, Jw Pharmac-3.16%, and LIG Next Co Ltd-2.91%.

—– China’s Shanghai Composite closed at 3,281.67 points, up 51.65 points or +1.60%. Winners were Wanma Tech (+20.02%), Westown Electric (+20%) and Zhuhai CosMX Battery (+20%). The losers were Sherzhen Changfang Light Emitting-12.88%, Jinan Shengquan Share Holding-10.01% and Ningbo ZhongDa Leader-9.99%.

—– The Hang Seng in Hong Kong closed at 20,082.43 points, up 471.59 points or +2.40%. The best performers were GME Group (+37%), Sunday Service (+30%), and New Silkroad Cultura (+24.32%). The worst performers were Shanghai Intl Shanghai Growth-35%, FB Enterprises-26.44%, and MIE Holdings Corp-22.37%.

—– Japanese stock markets are closed today (August 11) for Mountain Day.

—– The SET in Thailand closed at 1,622.26 points, up 5.05 points or +0.31%. The best performers were AQ Estate (+50%), Indra Insurance (+29.85%), and Tropical Canning (+17.48%). The worst performers were Asia Metal-22.03%, S. Pack End Print-16.23%, and Wave Entertainment-12%.

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