BEIJING - Data showing inflation easing further boosted Asian markets on Monday, fuelled by hopes central banks could be nearing the end of their interest rate hiking cycle.
All three main indexes on Wall Street rallied Friday -- with Apple ending above the $3-trillion capitalisation mark for the first time -- on the report, setting up a positive start to the week for Asian investors.
News that the personal consumption expenditures (PCE) index -- the Federal Reserve's favoured gauge -- had dropped sharply provided some relief for traders after a series of forecast-beating indicators suggested the economy remained in rude health.
A strong read on economic growth and a fall in jobless claims had fanned expectations the Fed would have to keep hiking borrowing costs in order to get a grip on prices.
The PCE figure came along with news that eurozone inflation had also eased, thanks to a drop in energy costs.
The S&P 500 and Nasdaq chalked up big gains to end a strong first half of the year, even after a series of rate hikes as well as a regional banking crisis.
Among the best performers were tech firms, and Friday's close saw Apple become the first firm to end above $3-trillion market capitalisation.
The strong performance filtered through to Asia, where tech was also a big winner.
Hong Kong and Seoul rose more than one percent, while Shanghai, Sydney, Taipei, Manila and Jakarta were also on the front foot.
Tokyo was also sharply higher as the Bank of Japan's closely watched Tankan survey of confidence among the country's largest manufacturers rose for the first time in seven quarters.
However, analysts warned that the PCE figure was welcomed on trading floors but Fed officials would not likely be swayed by one reading, and the bank is tipped to resume hiking this month after pausing in June.