"Global Markets React: US Inflation, Corporate Inflation, and Settlements"

Asian stocks were mostly flat or lower as investors awaited key U.S. inflation data, with Hong Kong's Hang Seng index being a notable outperformer due to strong gains in tech major Alibaba. Alibaba surged 3.6% after founder Jack Ma endorsed recent reforms and the company announced steep price cuts in its cloud business. Australian stocks also rose on the back of gains in heavyweight mining stocks, driven by a bounce in commodity prices. Broader Asian markets remained subdued as anticipation of the U.S. consumer price index inflation print kept sentiment cautious.