Asia-Pacific markets climbed on Thursday after a better-than-expected inflation report in the U.S. sent stocks spiraling higher.

Markets in Japan were shuttered for holiday.

The Japanese yen traded at 132.55 per U.S. dollar, after strengthening sharply.

In Hong Kong, the Hang Seng index sprang back sharply, gaining 471.59 points, or 2.4%, to 20,082.43.

Consumer prices stateside rose 8.5% in July compared to the same period a year ago, a slightly better result than the 8.7% increase that economists polled by Dow Jones were expecting.

In company news, SoftBank Group said it would reduce its stake in Chinese tech giant Alibaba through an early physical settlement of prepaid forward contracts for around 242 million American Depository Receipts.

The move would add 4.6 trillion yen ($34.6 billion U.S.) to its pre-tax gains, SoftBank estimated.

Separately, Apple supplier Foxconn on Wednesday posted results that beat expectations, but was cautious on the outlook. Foxconn shares rose 2.7% on Thursday.

Property developer Longfor Group’s shares added 4.3% on Wednesday after the company confirmed in an announcement that it did not defer a debt payment. The stock plunged sharply in the previous session.

The Australian dollar was higher at $0.7098.

CHINA

In Shanghai, the CSI 300 regained 83.8 points, or 2%, to 4,193.54.

The People’s Bank of China, in its monetary policy report released Wednesday, highlighted the inflation risk that lies ahead. Official data on Wednesday showed China’s consumer price index hit a two-year high in July.

In other markets

In Taiwan, the Taiex hiked 258.83 points, or 1.7%, to 15,197.85.

In Singapore, the Straits Times Index increased 15.63 points, or 0.5%, to 3,301.96.

In Korea, the Kospi revived 42.9 points, or 1.7%, to 2,523.78

In Australia, the ASX 200 recouped 78.28 points, or 1.1%, to 7,070.95.

In New Zealand, the NZX gained 7.92 points, or 0.1%, to 11,760.01

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