Asian Shares Rise Ahead Of US Inflation Data, Fed Minutes

(RTTNews) - Asian stocks were mostly higher on Wednesday as investors await U.S. inflation data to gauge near-term trajectory for interest rates.

The U.S. consumer price index (CPI) for March will be released later today followed by wholesale prices on Thursday.

The FOMC minutes and the quarterly statements of top U.S. firms also remain on investors' radar.

The dollar index dipped, and Treasury yields portrayed cautious optimism after Fed officials sounded divergent notes about the central bank's next policy move.

While Chicago Fed President Austan Goolsbee called for "prudence and patience" in the face of recent banking stress, New York Fed President John Williams said Tuesday that Fed officials still have more work to do to bring down prices.

Gold ticked higher while oil prices were little changed after rallying about 2 percent on Tuesday.

China's Shanghai Composite index was up 0.4 percent after data showed stronger-than-expected credit growth in the first quarter due to the lifting of stringent COVID-19 curbs. Hong Kong's Hang Seng index dropped 0.8 percent.

Japan's Nikkei index rose 0.4 percent on optimism about billionaire investor Buffett adding to investments in Japan.

Japan's seasonally adjusted core machinery orders in February fell 4.5 percent from the previous month, the Cabinet Office said in a report earlier today. Seoul stocks were a tad lower after three consecutive sessions of gains.

Australia's benchmark S&P/ASX 200 climbed 0.6 percent, led by miners and technology stocks.

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

U.S. stocks ended mixed overnight after the International Monetary Fund cut its global growth forecast and warned it was too soon to sound the all-clear from the banking turmoil.

The S&P 500 finished marginally lower and the tech-heavy Nasdaq Composite dropped 0.4 percent, while the Dow gained 0.3 percent.

European stocks rose on Tuesday as traders returned to their desks following the long Easter holiday weekend.

The pan-European STOXX 600 climbed 0.6 percent as soft inflation data from China stoked optimism about additional stimulus.

The German DAX rose 0.4 percent, France's CAC 40 index climbed 0.9 percent and the U.K.'s FTSE 100 added 0.6 percent.