The Shanghai Composite rose 0.45% and the Shenzhen Component jumped 1%. Hong Kong’s Hang Seng index advanced 1%, while the Nikkei 225 in Japan is trading in a flat zone and the Topix index slipped 0.36%.
South Korea’s Kospi edged 0.39% higher and shares in Australia declined as the S&P/ASX 200 fell 0.32%.
Further, US markets extended gains on Tuesday as Federal Reserve Chairman Powell’s testimony offered comfort to investors. Powell reiterated his view that the recent jump in inflation would prove transitory and stated that Fed will do everything to support the economy as long as it takes to complete the recovery process.
He further stated that Central Bank would be patient before scaling back its soft monetary policy. This certainly has given some confidence about a reversal in policy rates or bond-buying programme is not going to happen soon.
Further statements of Fed staffers will be watched out in coming days, which have been mixed so far.
Nasdaq Composite touched a new intraday and climbed 0.79% at 14,253.37. The S&P 500 also gained 0.51% to 4,246.44 and the Dow Jones Industrial Average climbed 68.61 points to 33,945.58.
Also, European shares settled higher on Tuesday with FTSE was up 0.39%. Dax was up 0.21% while CAC was up 0.14%.
Meanwhile, oil fell after media reports said that Russia and other OPEC+ nations are considering raising production in the wake of a tightly supplied global crude market.