Asian stocks rise after US inflation data

Asian stocks rose after Wall Street rose on weak inflation data; Japan’s GDP shrinks Asia-Pacific stocks rose on Thursday after Wall Street gauges closed at record highs on soft inflation data, while investors weighed Japanese GDP data. The U.S. consumer price index rose 0.3 percent in April, below the 0.4 percent gain forecast by the Dow Jones Industrial Average. The U.S. consumer price index rose 3.4 percent on an annual basis, in line with market forecasts. Japan’s first-quarter GDP shrank 2 percent on an annual basis, above economists’ forecast of a 1.5 percent increase. The latest data is likely to jeopardize plans by the Bank of Japan to raise interest rates. Japan’s Nikkei 225 gained 0.77 percent, while the broader Topix reversed earlier gains to trade 0.18 percent lower. Hong Kong’s Hang Seng index reopened after the holiday with a 0.27 percent increase. Mainland China’s CSI 300 index rose 0.1 percent. South Korean markets also resumed trading after the holiday, with the Kospi up 1 percent and the smaller Kosdaq up 1.04 percent. Australia’s S&P/ASX 200 index added 1.7 percent.