Asian stocks are mixed after Wall Street’s mostly positive performance ahead of key U.S. inflation data that could influence the pace of the Federal Reserve’s rate cuts.

U.S. stocks rose modestly in choppy trade on Tuesday as investors gauged inflation data and braced for quarterly earnings reports to justify stock valuations and the strength of the U.S. economy. Stocks received an initial lift after a Labor Department report showed the producer price index rose less than expected in December,