Asian shares were mostly higher Thursday after an advance on Wall Street that ended a three-day losing streak.
Tokyo, Hong Kong and Shanghai advanced while Seoul edged lower. Oil prices fell back and U.S. futures climbed.
Rising prices are driving the Federal Reserve and many other central banks to tighten monetary policy by raising interest rates, among other measures, to help cool the surging demand that is contributing to the problem. Hong Kong's Hang Seng rose 0.8% to 21,549.12 and the Shanghai Composite index advanced 0.7% to 3,207.85 after the government indicated China's central bank may ease policy to counter the blow to its slowing economy from pandemic-related shutdowns in major cities like Shanghai and Guangzhou.
The Dow Jones Industrial Average rose 1% to 34,564.59 and the Nasdaq picked up 2% to 13,643.59. The Russell 2000 index surged 1.9% to 2,025.10 and is on track for a weekly gain. Inflation may be peaking but will likely stick around for awhile as cost pressures filter their way through the markets. Companies in various industries have been raising prices to offset rising costs and maintain or increase their margins.
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