Asian stocks end higher, China benchmark rise 0.48%

Asian stocks ended mostly higher on Wednesday as in-line U.S. inflation reading bolstered speculation the Federal Reserve will cut interest rates by 25 basis points in September, bringing forward its easing forecast amid fears of a weakening labor market.

U.S. Treasury Secretary Scott Bessent wants the Fed to keep the door open to a larger, 50 basis-point rate cut next month following recent weak job growth revisions.

Chinese markets eked out modest gains as regulatory scrutiny of Nvidia chips spurred some optimism around the potential use of local alternatives.

The benchmark Shanghai Composite index rose 0.48 percent to 3,683.46, with the upside capped by heightened trade tensions with Canada. China said it will implement more levies on Canadian rapeseed after an anti-dumping probe.

 

Hong Kong's Hang Seng index jumped 2.58 percent to 25,613.67. Tencent Music Entertainment Group soared 15.6 percent after its second-quarter revenue and profit beat estimates on robust subscriber growth in its online music services.

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