According to Bloomberg, Asian shares in Japan rose following better-than-expected economic growth data, while stocks in Australia also advanced. The positive inflation print has bolstered forecasts for a potential Federal Reserve rate cut next month. The swaps market is currently fully pricing in one rate cut. Evercore’s Guha noted, 'This is now a labor data-first Fed, not an inflation data-first Fed, and the incoming labor data will determine how aggressively the Fed pulls forward rate cuts.'

In Asia, upcoming data releases include July trade figures for Indonesia, while markets in South Korea and India will be closed. The People’s Bank of China is set to announce its medium-term lending facility rate, along with home prices, retail sales, and industrial production figures. Hedge fund manager Michael Burry, known for his bet against the US housing market in 2008, has further influenced market sentiment. Investors are also focused on the reaction to Japanese Prime Minister Fumio Kishida's recent decisions.

The S&P 500 extended its advance into a fifth consecutive day on Wednesday, marking the longest winning streak in over a month. Most major groups gained, with financial, energy, and tech shares leading the charge. In late trading, megacap stocks were mixed. Fed Bank of Chicago President Austan Goolsbee commented on the current economic conditions. At Nationwide, the sentiment remains cautiously optimistic.

In commodities, oil regained some ground in early trading after falling for two consecutive sessions. Gold remained steady early Thursday, trading around $2,447 per ounce after two days of declines. These movements in the market reflect ongoing investor reactions to economic data and central bank policies.