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Asian stocks strengthen but futures show bounce could be short lived

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Asian stocks rose on Wednesday as investors grew hopeful future global interest rate rises might become less aggressive amid early signs previous policy tightening was working to temper price pressures in some major world economies.

Investors are closely awaiting a crucial supply decision from OPEC+ due later Wednesday which could have global implications for already high energy prices and inflation.

OPEC+, which includes Russia and Saudi Arabia, could cut between 1 and 2 million barrels a day, according to aThe positive tone in Asian equities on Wednesday could prove to be short-lived though. "Investors have started to price in that central banks could start to slow the pace of their rate hikes and that is supportive for risk appetite," Clara Cheong, JPMorgan Asset Management's global strategist, told Reuters.

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