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Hang Seng rebounds 2%; Inflation in Australia has reached a 32-year high

Shoppers walking around Pitt Street Mall on June 7, 2022 in Sydney, Australia.

Brendon Thorne | Getty Images News | Getty Images

Asia-Pacific shares rose on Wednesday as overnight sentiment improved on the Fed potentially becoming less aggressive.

Hong Kong̵[ads1]7;s The Hang Seng Index seen on the open before rising 2%, after three consecutive negative sessions. The Hang Seng Tech index rose more than 3%. In mainland China is Shanghai Composite added around 1% and Shenzhen component increased 1.661%.

Australia’s annual consumer price index reached its highest since December 1990. The S&P/ASX 200 rose 0.25% ahead of the report before giving up some gains to trade 0.2% higher. The Australian dollars was last at $0.6388.

The Nikkei 225 in Japan rose 1.17%, and the Topix rose 0.93%. South Korea’s Kospi rose 0.94% and the Kosdaq was 0.15% higher. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked 0.94% higher.

India’s market is closed for a public holiday. In business news, Standard Chartered, Ping Anand SK Hynix are among the companies to report earnings on Wednesday.

Overnight in the US, major indexes rose for a third session in a row as bond yields fell. The Dow Jones Industrial Average closed 337.12 points higher, or about 1.1%, at 31,836.74. The S&P 500 rose 1.6%, ending at 3,859.11. The Nasdaq Composite fell 2.2% to end at 11,199.12.

“Markets rebounded overnight driven by better earnings reports and speculation that the monetary policy tightening cycle may be coming to an end,” analysts wrote in a note from ANZ Research, adding that falling consumer confidence and house prices indicate that tightening policy may be starting to dampen demand. .

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