Asian markets jump as Wall Street returns to its highest level in over a year

TOKYO — Asian shares rose Thursday, boosted by Wall Street’s return to its highest level in more than a year after a report showed U.S. consumer inflation cooled a bit more than expected last month.

Investors were watching for China’s monthly trade data to see how the world’s largest economy is faring after the end of pandemic controls late last year. The U.S. government’s latest update on inflation showed that consumers paid prices for gasoline, food and other items that were 3% higher overall in June than a year earlier. That’s down from 4% inflation in May and a bit more than 9% last summer. Perhaps more importantly, it was a touch lower than economists expected.

“They’ll probably still pull the trigger on a hike, but it will be based on symbolism more than substance,” said Brian Jacobsen, chief economist at Annex Wealth Management. He pointed to another report earlier this month that showed a slowdown in U.S. jobs growth, which could also take some pressure off inflation.

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