DAX edged 0.2% lower, to 13,674.98, CAC 40 added 0.1% to 6,531.38, FTSE 100 slipped 0.1% to 7,498.34 and futures for S&P 500 and Dow Jones Industrial Average were 0.2% higher

World shares were mixed Thursday after Wall Street benchmarks closed at three-month highs as investors cheered a report showing inflation cooled more than expected in July.

U.S. futures edged higher and oil prices also advanced.

The U.S. government said Wednesday that consumer inflation jumped 8.5% in July from a year earlier. But that was down from June’s four-decade high of 9.1%.

Germany’s DAX edged 0.2% lower, to 13,674.98, while in Paris the CAC 40 added 0.1% to 6,531.38. Britain’s FTSE 100 slipped 0.1% to 7,498.34. The futures for the S&P 500 and the Dow Jones Industrial Average were 0.2% higher.

On Wednesday, the S&P 500 surged 2.1% on expectations that slower inflation will mean the Federal Reserve may moderate its interest rates hikes. Technology stocks, cryptocurrencies and other investments that have been among the year’s biggest losers due to the Fed’s aggressive rate hikes led the way.

The Nasdaq composite, whose many high-growth and expensive-looking stocks have been particularly vulnerable to interest rates, jumped 2.9% while the Dow industrials advanced 1.6%.

Asian markets also took heart. Hong Kong’s Hang Seng index added 2.4% on Thursday to 20,082.43, while the Shanghai Composite index gained 1.6%, to 3,281.67. The Kospi in Seoul rose 1.7% to 2,523.78. In Australia, the S&P/ASX 200 climbed 1.6% to 7,071.00. Taiwan’s Taiex was up 1.7%.

Tokyo’s markets were closed for a holiday.

In Thailand, the SET gave up 0.2% after the country’s central bank raised its benchmark interest rate by 0.25 percentage points to 0.75% a day earlier. The Southeast Asian country’s economy has been hard hit by the pandemic, which ravaged its all-important tourism sector.

Despite the improved U.S. inflation reading, analysts warned the war on higher prices is not over.

It’s of course great to see the latest inflation print come lower-than-expected, but first, one data point doesn’t make a trend, and we had a similar surprise earlier this year, but then inflation spiked to fresh multi-decade highs the following month, Ipek Ozkardeskaya of Swissquote Bank said in a report.

She noted that softer energy prices were the main factor tempering inflation, while prices for food, housing and wages pushed higher.