Hang Seng rebounds slightly; Australia inflation hits 32-year high

Shoppers walking around Pitt Street Mall on June 07, 2022 in Sydney, Australia.
Brendon Thorne | Getty Images News | Getty Images Shares in the Asia-Pacific rose Wednesday as sentiment overnight improved over the Fed potentially turning less aggressive.
Hong Kong’s Hang Seng index was up 1% at 15,317.67 after three consecutive negative sessions. The Hang Seng Tech index gained 2.48%.
In mainland China, the Shanghai Composite added 0.78% to 2,999.50 and the Shenzhen Component gained 1.678% to 10,818.33 – the China Securities Regulatory Commission on Tuesday said it intends to expedite the development of a “regulated, transparent open, lively and resilient” market.
Australia’s annual consumer price index reached the highest since December 1990. The  S&P/ASX 200 rose 0.18% to 6,810.90. The Australian dollar last stood at $0.6468.
The Nikkei 225 in Japan rose 0.67% to 27,431.84, and the Topix gained 0.58% to 1,918.21. South Korea’s Kospi gained 0.65% to 2,249.56 — MSCI’s broadest index of Asia-Pacific shares outside Japan ticked 0.92% higher. India’s market is closed for a holiday. In commodity markets, oil prices dropped more than 1% then pared some losses as data showed U.S. crude inventories rose more than expected last week. Brent crude futures lost 0.9% to $92.68 per barrel, while U.S. crude futures shed 0.66% to $84.76 per barrel.
Overnight in the U.S., major indexes rose for a third straight session as bond yields slid. The Dow Jones Industrial Average closed 337.12 points higher, or about 1.1%, to end at 31,836.74. The S&P 500 advanced 1.6%, closing at 3,859.11. The Nasdaq Composite popped 2.2%, landing at 11,199.12.
“Markets rebounded overnight driven by better earnings reports and speculation that the monetary policy tightening cycle may be nearing its end,” analysts wrote in an ANZ Research note, adding gaming that falling consumer confidence and house prices indicate that tightening policies may be starting to reduce demand.