Investing.com-- Most major Asian stocks rose on Thursday tracking an overnight rally in technology shares on Wall Street, as U.S. inflation data cemented bets for an interest rate cut by the Federal Reserve next week.

U.S. consumer price index data on Wednesday showed inflation rose at its fastest pace in seven months in November, but was largely in line with expectations. This led to markets pricing in a 98% chance for a 25 basis point rate cut next week, up from 81% seen last week, according to CME Fedwatch.

U.S. stock indexes closed higher overnight, with the NASDAQ Composite hitting a record high above 20,000 points. Gains were fueled largely by technology stocks.

Wall Street futures fell slightly in Asian trade.

Chinese shares rise, CEWC awaited for stimulus cues

China’s Shanghai Composite index was 0.4% higher, while the Shanghai Shenzhen CSI 300 index gained 0.6%. Hong Kong’s Hang Seng index jumped 1.3%.

Focus was on China’s China’s Central Economic Work Conference (CEWC), a two-day meeting set to conclude later on Thursday. Markets hope to get details on fresh stimulus measures from the meeting, after China's Politburo offered its most dovish signals yet on plans support economic growth.

Elsewhere, stock markets were largely mixed, with Philippine’s PSEi Composite index inching 0.3% lower, and Thailand’s SET Index rising 0.4%

India’s Nifty 50 Futures indicated a slight dip at open, while Indonesia’s Jakarta Stock Exchange Composite Index fell 0.4%.

Japan, S.Korea stocks buoyed by tech gains

Japan’s Nikkei 225 jumped 1.6% and TOPIX climbed 1.1%, with gains in heavyweight technology stocks. Sony Corp (TYO:6758) was up 2.7%, while Panasonic (OTC:PCRFY) Corp (TYO:6752) rose 1.5%.

South Korea’s KOSPI index rose 0.4%, with major tech stocks on the rise. However, ongoing political unrest in the country still kept investors on edge.

Media reports stated that South Korean police tried to raid President Yoon Suk Yeol's office on Wednesday, after he became subject to a criminal investigation over his attempt to declare martial law in the country.

Australian shares fall after jobs data spurs rate uncertainty

Australia’s S&P/ASX 200 fell 0.3% on Thursday after data showed that the country’s employment rose more than expected in November, as the labor market remained strong, while unemployment unexpectedly fell.

The data resulted in market participants further paring bets that the Reserve Bank of Australia would cut interest rates in the near term. Broad consensus is that the RBA will begin cutting rates in the second quarter of 2025.

The RBA on Tuesday had held rates unchanged, citing tight labor market conditions and stubborn underlying inflation in the county, although it did note that inflation was easing in line with expectations.