Asian Shares See Modest Gains In Cautious Trade

(RTTNews) - Asian stocks followed Wall Street higher on Tuesday after a New York Fed consumer expectations' survey showed inflation expectations decreased at the short, medium, and longer terms in November.

Concerns surrounding China and caution ahead of U.S. consumer inflation data due out later in the day served to limit regional gains to some extent.

The U.S. dollar held firm ahead of this week's monetary policy meetings in the United States. Europe, United Kingdom and Switzerland.

Gold prices were little changed, while oil extended gains after climbing around 3 percent in the U.S. trading session overnight on news of supply disruptions.

The Federal Reserve, European Central Bank and the Bank of England are all expected to raise rates by 50 basis points later this week.

China's Shanghai Composite index was little changed as initial enthusiasm about the country's economic reopening started to fade.

COVID cases are surging in Beijing, days after China began loosening restrictions. Hong Kong's Hang Seng index rose nearly half a percent.

Japan's Nikkei index was up 0.3 percent while South Korea's Kospi average was marginally higher.

Australia's benchmark S&P/ASX 200 edged up 0.3 percent, led by gains in the energy sector. Bendigo Bank surged 6.5 percent after a positive trading update.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index was up 0.4 percent.

U.S. stocks rose sharply overnight on hopes for a less hawkish stance from the Federal Reserve.

The Dow climbed 1.6 percent, the tech-heavy Nasdaq Composite rallied 1.3 percent and the S&P 500 added 1.4 percent.

European stocks ended Monday's session lower as investors braced for the release of U.S. consumer inflation data and a slew of central bank decisions.

The pan European STOXX declined half a percent. The German DAX fell half a percent, while France's CAC 40 index and the U.K.'s FTSE 100 both shed around 0.4 percent.