Asian Shares Advance After Wall Street Gains

(RTTNews) - Asian stocks advanced on Tuesday as an apparent calm in the global oil market helped ease concerns around inflation and input costs.

Gold was little changed at $4,140 an ounce in Asian trade as a firmer dollar and elevated Treasury yields offset support from reduced chances of an October rate hike by the Federal Reserve.

Brent crude futures dipped below $100 a barrel in choppy trade after reports suggested that Middle East crude exports are recovering toward pre-war levels despite continued risks to shipping.

As oil flows from the Middle East recover after months of disruptions linked to the Iran war, Saudi Aramco unexpectedly lowered its November official selling prices for crude oil bound for Asia by the widest margin in six years.

Markets in mainland China were closed for the National Day holiday. Hong Kong's Hang Seng index jumped 1.0 percent to 24,280.56, helped by a technology-led rally in global markets. Pharmaceutical stocks also advanced, helping offset selling pressure in the real estate sector.

Japanese markets rose sharply as a strong sale of 10-year Japanese government bonds helped ease investor concerns over rising yields.

The benchmark 10-year yield hit 3.115 percent, matching its highest level since 1996, after long-term interest rates surged on Sept.1, hitting 3 percent for the first time in about 30 years.

The Nikkei average rallied 1.05 percent to 70,683.98 while the broader Topix index closed 0.92 percent higher at 4,183.56.

The yen drifted lower as investors braced for the release of the FOMC meeting Minutes and speeches from influential Fed officials.

Earlier today, Bank of Japan (BOJ) governor Kazuo Ueda said in a speech to an annual meeting of securities firms that economic and price developments were moving in line with the central bank's baseline scenario.

Seoul stocks ended notably lower as technology stocks came under selling pressure on concerns over elevated bond yields. The Kospi index fell 0.89 percent to 6,941.39, giving up early gains. Market bellwether Samsung Electronics declined 1.5 percent and its chip-making rival SK Hynix tumbled 3.7 percent.

Australian markets rose for a third straight session after the Nasdaq Composite hit a record overnight, led by strength in artificial intelligence and technology stocks.

The benchmark S&P/ASX 200 surged 0.57 percent to 8,735.70, led by banks and mining stocks. The broader All Ordinaries index settled half a percent higher at 8,903.50.

Investors shrugged off the results of a survey, which showed Australia's consumer confidence deteriorated sharply in October following the Reserve Bank of Australia's latest interest rate hike and amid ongoing pressure from higher fuel prices and mortgage rates.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index fluctuated before finishing marginally higher at 13,700.12.

Overnight, U.S. stocks closed higher as investors reacted positively to a couple of buyout announcements and a dip in crude oil prices following the G7 announcement of a 100-million-barrel emergency stock release.

The 10-year yield climbed above 5.30 percent after data showed the U.S. services sector experienced a slowdown in growth during September, but cost pressures reached their highest level in over four years.

The tech-heavy Nasdaq Composite rallied 1.1 percent to notch a new record closing high while the S&P 500 surged 0.7 percent and the narrower Dow added 0.2 percent.