Greens dominate Asian stock markets

Asian stocks were mostly higher on Friday after softer-than-expected U.S. inflation data. Asia-Pacific stocks were mostly higher on Friday as softer-than-expected U.S. inflation data boosted optimism that inflation could ease without weakening the labor market. The U.S. producer price index rose a less-than-expected 0.1 percent year-on-year in June, while core PPI, which excludes food and energy prices, rose 0.1 percent, also below expectations. In Australia, the S&P/ASX 200 rose 0.85 percent after the government appointed deputy central bank governor Michele Bullock to replace incumbent Philip Lowe as the next head of the Reserve Bank of Australia. Japan's Nikkei 225 rose 0.23 percent, while the Topix fell 0.09 percent ahead of a May industrial output report. South Korea's Kospi rose 1.21 percent to lead the region's gains, and the Kosdaq rose. Hong Kong’s Hang Seng index rose 0.57 percent in the first hour of trading, extending a rally seen on Thursday. In mainland China, the Shanghai Composite Index rose 0.15 percent, while the Shenzhen Component Index fell 0.1 percent. Singapore’s economy grew in the second quarter, avoiding a technical recession. The Straits Times index rose 0.4 percent after the announcement.