stocks open higher amid U.S. inflation fears

Australia’s S&P/ASX 200 rose 0.26%.

Japan’s Nikkei 225 rose 1.1% while the Topix climbed 0.91%. South Korea’s Kospi traded 0.71% higher, while the small-cap Kosdaq traded around the flatline.

Hong Kong’s Hang Seng Index climbed 0.58% while mainland China’s CSI 300 traded flat.

The broad market index slipped 0.27% to end at 6,051.97, and the Dow Jones Industrial Average tumbled 225.09 points, or 0.5%, to 44,368.56. The Nasdaq Composite eked out a 0.03% gain to close at 19,649.95.

The latest inflation data suggests that the Fed may be less likely to resume its rate-cutting campaign soon, as well as raises concerns that the next move could even be a hike.

During his testimony before the House Committee on Financial Services on Wednesday, Federal Reserve Chair Jerome Powell noted that the latest CPI data serves as a reminder of the Fed’s progress in moving inflation closer to its 2% target, but acknowledged that it is “not quite there yet.”

Indian Prime Minister Narendra Modi is traveling to the U.S. for talks with President Donald Trump and his administration and is expected to mitigate the threat of reciprocal tariffs as well as artificial intelligence policies.

— CNBC’s Pia Singh and Brian Evans contributed to this report.