This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets mostly fell on Thursday after the U.S. October consumer price index reading reinforced expectations that the Fed would cuts rates again in December.

The CPI came in line with expectations, accelerating slightly to an annual inflation rate of 2.6%. Core CPI, which straps out volatile food and energy prices, gained 3.3% last month, also matching expectations.

Hong Kong's Hang Seng index led losses in the region, down over 2% as of its final hour of trade, extending a multi-day losing streak that has seen the index lose 4% this week as of Wednesday's close.

Hong Kong's markets remained open even as authorities issued a Typhoon warning, marking the first such occasion since the city changed the rules to allow trading in extreme weathers.

Mainland China's CSI 300 also tumbled 1.73% to finish at 4,039.62.

The rare bright spot, Australia's S&P/ASX 200 added 0.37% to close at 8,224 following the jobless data.

Australia's unemployment rate remained steady in October at 4.1%, as economists had expected, while the number of employed people increased 15,900 from a month ago, falling short of the expected 25,000.

The participation rate, which measures the share of working-age people currently employed or seeking a job, stood at 67.1%, slightly below an estimated 67.2%.

"It is clear that the labour market in Australia is still very resilient, despite an extended period of restrictive rates," said My Bui, economist at investment management firm AMP.

Bui believes the Reserve Bank of Australia is unlikely to deliver a cut in December, but sees room for easing in the first half of 2025.

Japan's Nikkei 225 fell 0.48%, reversing earlier gains to close at 38,535.70, while the Topix dropped 0.27% to finish at 2,701.22.

Japanese yen weakened below 156 against the greenback, marking its lowest level in four months. It was last traded at 155.94 against the dollar.

In South Korea, Kospi gained marginally end nearly flat 2,418.86, while the Kosdaq Index declined by 1.17% to 681.56.

Overnight in the U.S., the S&P 500 and Dow Jones Industrial Average closed near the flatline following the release of the inflation report.

The S&P 500 inched higher by 0.02% to close at 5,985.38, while the 30-stock Dow ticked up 47.21 points, or 0.11%, to 43,958.19. The Nasdaq Composite ended the day with a 0.26% decline and closed at 19,230.74.

The inflation data puts the Federal Reserve on course to lower interest rates next month, with markets pricing in a 80.8% likelihood of a quarter-percentage-point cut, according to the CME FedWatch Tool.

— CNBC's Brian Evans and Hakyung Kim contributed to this report.

Japan's yen tumbles to near 4-months low as U.S. dollar rallies

The Japanese yen fell below 156 against the U.S. dollar on Thursday, its weakest level in nearly four months, as the dollar rallied.

The yen has extended declines since its recent peak of 139.56 on Sept. 16. It last traded at 156.09 after touching 156.13 during the intraday trading.

The U.S. dollar index, which measures the currency against six top counterparts including the yen, rose to 106.75, its highest level in two years, as investors expect Trump's policies to delay the Federal Reserve's pace of cutting rates.

— Anniek Bao

India's Nifty 50 extends declines after falling into correction territory

Indian benchmark Nifty 50 extended its declines to a sixth session, dropping 0.28% on Thursday, after entering the correction territory in the previous session.

The NSE Nifty 50 has declined over 10% from its recent peak of 26,216.05 scaled on Sept. 26.

The market pullback comes as India's retail inflation spiked to a 14-month high in October, dampening investors' hopes of an RBI rate cut in December and adding to fears of a consumption slowdown.

— Anniek Bao

China property stocks drop after Beijing's 'lightweight' tax cut for home purchases

China property stocks fell Thursday, a day after Beijing announced tax cuts for homebuyers and developers, as the government tries to backstop the troubled property sector.

The Hang Seng Mainland Properties Index slumped over 2%, with Longfor Group being the top loser down more than 5%. Shares of China Resources Land and C&D International Group and China Overseas dropped 3.2%, 2.7% and 2.2%, respectively.

The announcement was "another long-time coming lightweight measure" and was unlikely to have meaningful impact on the property market, said William Wu, an analyst at Daiwa Capital Markets.

The cut would do little to alleviate home buyers' concerns over future income and home prices, Wu added.

— Anniek Bao

Trump tariffs would warrant increased stimulus from Beijing, UBS economist says

Beijing will need to roll out more stimulus measures if President-elect Donald Trump levies more tariffs on China, said Paul Donovan, chief economist at UBS Global Wealth Management. 

Speaking on CNBC's "Squawk Box Asia," Donovan said that the stimulus measures China has enacted in recent months have been very supportive for the property market but have not translated into consumer demand. 

"I hope we will see, in the event of an escalation of the trade conflict, more targeted measures in China aimed specifically at boosting domestic consumer spending, which means raising domestic confidence," he added.

— Dylan Butts

Seven & i is likely to 'stay Japanese' and be taken private soon, Monex Group says

Seven & i Holding will certainly "stay Japanese" and "it's just a matter of weeks" for the Japanese convenience retailer to complete the privatization deal, Jesper Koll, head of Japan at Monex Group, told CNBC's "Squawk Box Asia" on Thursday.

The company was reportedly considering a management buyout to take itself private and had secured funding from a group of banks, trading house Itochu Corp and the founding Ito family. The transaction could be worth around 9 trillion Japanese yen ($58 billion), in what would make it the largest deal in the country.

Tokyo-listed shares of Seven & i had surged as much as 17% on Wednesday following the report, while trading over 2% lower on Thursday.

The talks are still ongoing and the deal could be stalled if Canada's Alimentation Couche-Tard walks back its offer to buy Seven & i, the report said.

— Anniek Bao

South Korea markets open late due to university entrance exams

South Korea's markets opened an hour later today due to the nation's university entrance exams, known as the College Scholastic Ability Test or CSAT.

The CSAT is one of the key milestones in the South Korean education system, and extraordinary measures are taken in the country to curb distractions that could affect student performance.

South Korean media outlets have reported that on the day of the exam, public transport services are increased, banks open an hour later, and even city government officials are told to report to work an hour later so as to reduce congestion and ensure students get to test venues on time.

Transport unions are also advised to operate quietly, and planes are prohibited from taking off and landing during listening components of the exams.

The country's markets will also close an hour later, at 4:30 p.m. Seoul time.

— Lim Hui Jie

Kansai Electric Power shares plunge on plans to raise up to $3.3 billion

Shares of Japan's Kansai Electric Power plunged over 16% on Thursday after the company announced plans to raise about 504.9 billion yen ($3.3 billion) to fund its business growth over the next three to five years, according to a filing.

The company said it planned to issue about 148 million new shares through a public offering, along with a sale of treasury stock and secondary offering of shares.

Most of the proceeds will be used for repowering and decarbonization of its power plants, while other funds would go toward expansion of data centers, renewable energy and real estate businesses.

The remaining funds by end-March 2028 will be allocated to potential M&A activities, it said.

— By Anniek Bao

Bitcoin tops $90,000

Bitcoin extended its postelection rally Wednesday, breaking above $90,000. The flagship cryptocurrency was last up 1% at $90,796.

— Fred Imbert

Dollar index reaches highest point since April

The dollar index rose 0.4% Wednesday to 106.50, its strongest level since April 16, when it reached 106.517.

Meanwhile, the euro fell 0.6% against the dollar to 1.0569. This market the euro's lowest point against the greenback since Nov. 2, 2023, when it traded as low as 1.0564.

— Hakyung Kim

Dallas Fed President Logan advises to 'proceed with caution' on cuts

Dallas Federal Reserve President Lorie Logan urged caution on policy in a speech Wednesday in an environment where the longer-term interest rate trajectory could be higher than normal.

Logan said she generally sees inflation heading lower and the labor market easing but stable. Yet she said there are risks to the Fed's policymaking "voyage" that need to be considered, in which inflation could hold above the Fed's 2% target.

"I anticipate the [Federal Open Market Committee] will most likely need more rate cuts to finish the journey. But it's difficult to be sure how many cuts may be needed and how soon they may need to happen," she said during an appearance in her home district.

If the Fed cuts rates past the "neutral" level that neither boosts nor restricts growth, "inflation could reaccelerate and the FOMC could need to reverse direction. In these uncertain but potentially very shallow waters, I believe it's best to proceed with caution," said Logan who will not have a vote on the FOMC until 2026.

—Jeff Cox

Republicans win House control and complete full sweep of power in Washington

Republicans will maintain control of the U.S. House of Representatives, NBC News reported Wednesday, as Donald Trump's return to the White House will see his party take full control of Washington.

The majority is one of the more narrow divides in recent history for the Congress' lower chamber, but the makeup will allow Trump to more swiftly confirm his cabinet picks and attempt to fulfill his legislative agenda. Trump ran on extending tax cuts from his first term and deregulation.

— Brian Evans

S&P 500, Dow close near the flatline

The S&P 500 and the Dow Jones Industrial Average closed little changed on Wednesday as Wall Street's postelection rally wavered.

The S&P 500 added 0.02% to close at 5,985.38, while the Nasdaq Composite slipped 0.26% to 19,230.74. The Dow Jones Industrial Average added 47 points, or 0.11%, to finish at 43,958.19.

— Brian Evans

Market raises expectations for December rate cut following inflation report

The October inflation reading released Wednesday raised market expectations that the Federal Reserve will be cutting benchmark interest rates again in December.

Following the October consumer price index release, which showed the 12-month inflation rate at 2.6%, meeting forecasts, traders upped odds for a quarter percentage point reduction to about 82%, according to the CME Group's FedWatch gauge. A day earlier, the market-implied probability was at just 59%.

Traders then expect the Fed to skip January and then cut again in March.

—Jeff Cox

CNBC Pro: This 145-year-old British engineering firm is set to benefit from an onshoring and automation trend — with analysts giving the stock 60% upside

A 145-year-old British industrial company is positioned to capitalize on major trends, including the reshoring of manufacturing and increased defense spending, according to analysts at Shore Capital.

U.S. President-elect Donald Trump has threatened to apply 10% import duties on products brought into the U.S., with imports from China potentially facing additional duties of up to 60%.

However, this U.K.-listed company runs two factories each in the United States, United Kingdom, and Australia and could potentially avoid Trump's trade tariffs.

CNBC Pro subscribers can read more about the stock here.

— Ganesh Rao