Some Asian markets, including Australia, Hong Kong, mainland China and Taiwan, will resume trading after being closed for public holidays on Monday. Asian traders will also be keeping an eye on the US Federal Reserve's decision, which will be released after its May inflation report on Wednesday. Yoshikazu Tsuno | AFP | Getty Images
Shipping containers are loaded onto an international cargo ship at Tokyo's international cargo terminal.
Asia-Pacific markets were mostly higher on Thursday, tracking Wall Street's overnight gains after Japan's GDP growth beat expectations and U.S. inflation data was in line with market expectations.
The Bureau of Labor Statistics said Wednesday that consumer prices rose 2.9% from a year ago, down from 3% in June and the lowest since March 2021. Month-over-month, they rose 0.2%.
Economists surveyed by Dow Jones had expected a 0.2% increase from the previous month and a 3% increase from a year earlier.
Asian traders will be focusing on a flurry of economic data from the region on Thursday, including Japan releasing its second-quarter gross domestic product and China releasing its July retail sales, industrial production and urban unemployment rate.
Japan's second-quarter gross domestic product rose 0.8 percent from the previous quarter, beating the 0.5 percent increase expected by economists polled by Reuters.
This was also a reversal from a revised 0.6% decline seen in the first quarter.
However, compared to the same period last year, the country's GDP fell 0.8%, down from a 0.9% decline in the first quarter and marking the second consecutive quarter of decline.
Japan's Nikkei stock average rose 0.2%, while the Topix rose 0.5%.
Australia's S&P/ASX 200 was up 0.3%.
Hong Kong Hang Seng Index futures were at 17,009, below the HSI's last close of 17,113.36.
Markets in South Korea and India are closed for public holidays.
In the US, all three major indexes rose following the release of inflation data overnight, with the Dow Jones Industrial Average up 0.61%.
The S&P 500 rose 0.38%, its fifth consecutive day of gains, while the Nasdaq Composite Index reversed the previous day's losses and closed up 0.03%.
—CNBC's Brian Evans and Jesse Pound contributed to this report.
