U.S. stocks rebound from rout, boosting Asia-Pacific markets.

• The consumer price index and producer price index for July will be closely watched by investors.
• In the U.S., the S&P 500 gained 2.3% overnight, reaching a closing price of 5,319.31, marking its best day since November 2022.

On Friday, Asia-Pacific markets are predicted to rise, mirroring gains on Wall Street after new labor market data improved investor confidence in the U.S. economy and alleviated recession fears following a significant market decline earlier in the week.

The S&P/ASX 200 for Australia finished higher at 7,722, compared to its previous close of 7,682.

The futures in Chicago and Osaka are expected to open stronger, with the Chicago contract at 35,860 and the Osaka contract at 35,700, compared to the previous close of 34,831.15.

The Hang Seng index futures in Hong Kong were higher than the HSI's last close, reaching a value of 17,147.

This week, global equities and currencies dropped due to renewed recession concerns from U.S. employment data, causing investors to unwind their yen "carry trades."

Analysts anticipate the release of China's consumer price index and producer price index for July. Reuters predicts that the CPI will increase by 0.3% year-on-year, while the PPI is expected to decrease by 0.9%.

In the U.S., the S&P 500 advanced 2.3%, closing at 5,319.31 and posting its best day since November 2022. The Dow Jones Industrial Average surged 683.04 points, or 1.76%, to 39,446.49. The Nasdaq Composite added 2.87%, ending at 16,660.02.

Despite other indications of a weakening labor market, initial filings for unemployment insurance were lower than anticipated last week. First-time filings for jobless benefits came in at 233,000 last week, down 17,000 from the previous week and below the Dow Jones estimate for 240,000. The Labor Department reported this on Thursday, providing markets with some relief amid signs that job growth is slowing.

—CNBC's Hakyung Kim and Jesse Pound contributed to this report.