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Gulf Today Report
Asian stocks surged on Thursday after inflation in the US was lower than expected.
Shares gained in Tokyo, Shanghai and Hong Kong but declined in Sydney.
Tokyo's Nikkei 225 index gained 0.6% to 29,211.64 and the Hang Seng in Hong Kong added 1.1% to 29,230.97. South Korea's Kospi surged 1.9% to 3,019.72, buoyed by a 1% rise in shares in Samsung Electronics, the biggest listed company.
The Shanghai Composite index jumped 1.8% to 3,417.38 as Chinese leaders prepared to wrap up the annual session of the largely ceremonial legislature.
The US Labor Department said US consumer prices, an important inflation measure, rose by 0.4% at the consumer level in February.
The timing could not have been better, Stephen Innes of Axi said in a commentary.
European stocks soared on Thursday as concerns surrounding inflation ease while investors European Central Bank’s policy on bond yields.
The pan-European STOXX 600 index rose 0.3%, up for a fourth straight session.
Technology, mining and retail sectors led the gains in Europe, surging between 1.2% and 2%. Meanwhile, banks declined the most, with UK-based lender HSBC's shares falling 3.9%.
Sebastien Galy, senior macro strategist at Nordea Asset Management, said "fears regarding higher inflation and policy tightening have been reduced and the consequence is a continued recovery in sentiment."
The pan-European STOXX 600 index edged 0.02% lower in early trading.
Benchmarks in Shanghai, Tokyo and Hong Kong advanced. Sydney retreated while in Europe, the wider pan-European STOXX 600 rose 0.3% and was trading less than 2% below its all-time high.
Shanghai, Tokyo, Hong Kong and Sydney retreated while in Europe, the pan-European STOXX 600 fell 0.6% by 08:09 GMT.
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