In Asian Equity Markets stocks scaled a seven-week high on Friday, while the dollar wobbled after cooler-than-expected U.S. inflation data sparked hopes that the Federal Reserve could tone down its aggressive interest rate hikes. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 5.33 percent, set for its biggest one-day percentage jump since March 2020. The country’s blue-chip CSI 300 Index) was up 2.1 percent and the Hang Seng Index rose 7.10 percent. Meanwhile, Australia’s S&P/ASX 200 index closed up 2.73 percent, while Japan’s Nikkei gained 2.75 percent.

In Currency Markets most Asian currencies rose sharply on Friday, while the dollar hit a two-month low as softer-than-expected U.S. inflation data ramped up expectations that the Fed will slow its pace of interest rate hikes. The dollar index and dollar index futures fell 0.2 percent each. The Taiwan dollar and Indian rupee both drifted higher after rallying sharply in the prior session, while the Australian dollar rose 0.1 percent to a 1-½ month high. Bucking the trend on Friday, the Japanese yen fell 0.6 percent after data showed producer price inflation grew at its fastest pace in over 40 years in October.

In US Equity Markets the S&P 500 and Nasdaq jumped on Thursday, racking up their biggest daily percentage gains in over 2-1/2 years as a sign of slowing inflation in October sparked speculation the Federal Reserve might become less aggressive with interest rate hikes. The S&P 500 climbed 5.54 percent to end the session at 3,956.31 points. The Nasdaq gained 7.35 percent to 11,114.15 points, while Dow Jones Industrial Average rose 3.70 percent to 33,715.37 points. The Philadelphia semiconductor index rose 10.2 percent, cutting its loss in 2022 to about 32 percent.

In Commodities Markets oil prices settled 1 percent higher on Thursday, ending lower for the first time this week, as tamer-than-expected U.S. inflation data offset worries that renewed COVID-19 curbs in China would hurt fuel demand. Brent crude settled 1.1 percent higher at $93.67, a $1.02 gain. U.S. West Texas Intermediate crude rose 0.8 percent to settle at $84.67, or 64 cents higher. Spot gold climbed 2.7 percent to $1,751.61 per ounce. Silver advanced 3.1 percent to $21.65 per ounce. Platinum jumped 5.4 percent to $1,038.09, its highest since March. Palladium rallied 5.5 percent to $1,966.50.

In European Equity Markets stocks clocked an 11-week closing high on Thursday as a slower-than-expected rise in U.S. consumer prices strengthened hopes of less aggressive interest rate hikes from the Federal Reserve going ahead. The pan-European STOXX 600 jumped 2.8 rose, notching its biggest percentage gain in five weeks. Germany’s Delivery Hero rose 18.6 percent after it reassured investors about achieving an adjusted core profit margin in 2023 and upgraded its outlook for this year. Europe’s technology and real estate sectors skyrocketed 7.6 percent and 6.4 percent, respectively.

In Bond Markets U.S. Treasury yields fell on Thursday after data showed inflation in the United States cooled in October, supporting expectations the Federal Reserve could slow its tightening pace. The U.S. 10-year yield fell to a five-week low of 3.824 percent. The U.S two-year yield, which reflects rate move expectations, slid to a more than one-week low of 4.29 percent and was last down 29 bps at 4.334 percent. The yield was on track for its biggest daily decline since September 2008.