Asian markets rise in early trading
Asian markets rallied in early trading on Monday, building on the momentum of gains in the United States and Europe at the end of last week, as investors price in the expectation of further interest rate hikes aimed at taming inflation.  Equities in Japan, Australia, Singapore, Taiwan and Jakarta surged, while markets in Hong Kong, China and South Korea were closed for a public holiday.  The European Central Bank (ECB) raised the key rate by a historic 75 basis points last week, and markets expect a similar-sized hike at an October meeting.  This week, investors worldwide will be closely watching US inflation data for August, due to be released on Tuesday, with the consumer price index (CPI) expected to ease slightly to eight percent - still well above the Fed's two-percent target.  Traders expect the Fed to impose another large hike in interest rates next week, after two 75-basis-point increases already.  In addition to the US CPI figures on Tuesday, traders will be closely watching UK CPI on Wednesday, and European CPI and China home sales, retail sales and industrial production data on Friday.  In Tokyo, stocks opened higher on Monday, driven by positive market sentiment off the back of last week's gains and a weaker yen.  The dollar fetched 142.65 yen in early Asian trade, against 142.56 yen on Friday in New York. On Friday, Bank of Japan chief Haruhiko Kuroda met Prime Minister Fumio Kishida, saying the rapid weakening of the currency was "undesirable", an indication of possible upcoming action to arrest the fall. (AFP)