Weak CPI data eases Fed fears, boosts Asian stocks
Asian stocks experienced significant gains, following a surge on Wall Street overnight. The rally was driven by softer-than-expected U.S. inflation data, which led to speculation of a less hawkish Federal Reserve stance for the remainder of the year.
The majority of the gains were concentrated in the technology sector, as it had been heavily impacted by the rise in borrowing costs in the past year. The prospect of a less aggressive Federal Reserve also enhanced the outlook for future earnings of technology stocks.
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