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Asian stocks rally as Wall St. increase after the holiday

BEIJING –

Asian shares rallied on Tuesday as Wall Street futures edged higher while US markets were closed for a holiday.

Shanghai, Tokyo, Hong Kong and Sydney rallied. Oil prices recovered to above 110 USD/barrel.

Futures for Wall Street’s benchmark S&P 500 index rose 1.4% after the three-day weekend.

“Today’s gains are trying to make up for previous losses, showing the presence of bearish buyers,” said IG’s Yeap Jun Rong.

The Shanghai Composite Index rose less than 0.1% to 3,318.29 and the Nikkei 225 in Tokyo gained 1.8% to 26,225.15. Hong Kong’s Hang Seng rose 1% to 21,368.85.

Kospi in Seoul was 0.4% higher at 2,398.95 and Sydney’s S&P-ASX 200 was up 1.2% to 6,509.80.

New Zealand and Southeast Asia markets rallied.

Investors fear that efforts by US and European central banks to cool inflation, which is at a four-decade high, could hurt global economic growth.

Japan and China, two of the three largest economies, have avoided raising interest rates. On Monday, China’s central bank did not change the benchmark rate. The Bank of Japan kept interest rates near zero last week despite concerns that the yen’s exchange rate was weakening.

The S&P 500 has fallen more than 20% from its January 3 peak, sending it into what traders call a bear market.

Investors are looking for clues about the Fed’s plans for possible additional rate hikes when Chairman Jerome Powell addresses congressional committees this week.

On Monday, European stock markets rallied. Shanghai, Tokyo and Seoul all fell.

In the energy market, the price of benchmark US crude rose $2.47 to $110.45 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price benchmark for international oil trading, rose $1.46 to $115.59 a barrel in London.

The dollar held steady at 135 against the yen. The euro rose to $1.0529 from $1.0491.

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