Shares in Asia rose after U.S. stocks rallied and treasury yields retreated following lacklustre economic reports that support the case for the Federal Reserve to pause interest rate hikes. Shares opened higher in Japan and Australia, while Hong Kong equity futures also rose, echoing a rally in U.S. equities.

On Wednesday, the S&P 500 closed 1.1% higher, its best day since June, while the Nasdaq 100 rose 1.6%. Those gains were compounded in early Asia trading as futures contracts for the two benchmarks jumped on bullish earnings from Nvidia Corp.

Meanwhile, Brent crude was trading below $83 a barrel and West Texas Intermediate was below $79-mark. The yield on the 10-year U.S. bond was trading at 4.19% and Bitcoin was below 27,000-level.

At 7:42 a.m., the GIFT Nifty, an early indicator of the Nifty 50’s performance in India was up 12 points or 0.06% at 19,516.5

India’s benchmark stock indices erased early volatility to end higher for the third session on Wednesday. While the Nifty Bank reclaimed the 44,500 mark intra-day, banking stocks led the advances. Fast-moving consumer goods and the energy sector were under pressure. Sensex recovered to close above the 65,400 level, whereas Nifty ended beyond the 19,400 mark.

Overseas investors became net buyers of Indian equities on Wednesday after a four-day streak of selling. Foreign portfolio investors bought stocks worth Rs 614.3 crore, and domestic institutional investors remained net buyers and mopped up equities worth Rs 125 crore.

The local currency strengthened 25 paise to close at Rs 82.68 against the U.S. dollar on Wednesday. It strengthened the most in a single day since June 14, when the rupee appreciated 27 paise at close.