U.S. stocks ripped higher after an encouraging update on U.S. inflation. The S&P 500 jumped 1.8% for its best day in two months Wednesday. The Dow Jones Industrial Average climbed 1.7%, and the Nasdaq composite gained 2.

Asian stocks are mixed after Wall Street’s mostly positive performance ahead of key U.S. inflation data that could influence the pace of the Federal Reserve’s rate cuts

US stocks gained after cooler-than-expected producer price index data soothed inflation concerns. The numbers on Tuesday showed wholesale inflation rose 0.2% in December on a monthly basis, compared to an estimated 0.

The Indian rupee is likely to open marginally higher on Wednesday as the dollar retreats in the lead up to U.S. inflation data that will give cues on the direction of U.S. interest rates. The 1-month non-deliverable forward indicated that the rupee will open at 86.

T he US dollar fell on Tuesday amid uncertainty over the Trump administration’s tariffs policy but remained near two-year highs ahead of the release of key inflation data. At 04