BEIJING (AP) – Asian stock markets rose after the US on Friday inflation subsided by more than expected, raising hopes that the Federal Reserve may scale back plans for further rate hikes.

Hong Kong’s market benchmark rose 5.7% and Seoul rose 3.3%. Shanghai, Tokyo and Sydney have made progress. Oil prices rose slightly.

Wall Street’s benchmark S&P 500 index rose 5.5% on Thursday, its biggest one-day gain in 2-1/2 years, after the government reported consumer prices rose 7.7% a year ago.