Asian stocks mixed as inflation augurs Fed rate hikes

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Shares are mixed in Asia after the latest report of surging prices in the U.S. appeared to keep the Federal Reserve on track to raise interest rates in coming months. Tokyo, Shanghai and Seoul were lower while Hong Kong and Sydney advanced. U.S. futures declined. On Wednesday, the S&P 500 rose 0.3%, the Dow Jones Industrial Average rose 0.1% and the Nasdaq rose 0.2%. Technology stocks led the market higher. Inflation jumped 7% last month, its fastest year-over-year pace in nearly four decades, but in line with forecasts. Fed Chair Jerome Powell has said the Fed stands ready to raise rates to fight inflation. The yield on the 10-year Treasury note was steady at 1.74%.