Asian stocks rallied on Tuesday, following a rebound in the final hour of the U.S. Wall Street trading, as investors continue to evaluate the impact of Fed’s big rate hikes. Japan’s inflation accelerated, while China’s prime lending rate remained unchanged.
As of 9.35 a.m. Thai time, Hong Kong’s Hang Seng index gained 1.32%. The Shanghai Composite in mainland China rose 0.49%.
In Australia, the S&P/ASX 200 advanced 1.14%. Japan’s Nikkei 225 rose 0.43%.
The Kospi in South Korea added 0.51%.
Core inflation in Japan increased 2.8% from a year ago, the fastest rate of increase since late 2014. The prime lending rate in China was held steady on Tuesday, as had been widely expected in a Reuters poll.
After plunging last week, US stocks closed higher on Monday due to a technical bounce and bargain-hunting.
The Dow Jones gained 0.6%, the tech-heavy Nasdaq added 0.8%, and the S&P 500 gained 0.7%. Even though they ended the day higher, all three indices started the day in the red on Monday.