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Asian Stocks Mixed Amid Oil Gains; Yen Climbs: Markets Wrap

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(Bloomberg) -- Asian stocks traded mixed on Wednesday after US shares fell and a rally in oil increased concern about inflation.Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsChina Slowdown Means It May Never Overtake US Economy, Forecast ShowsReturn-to-Office Is a $1.3 Trillion Problem Few Have Figured OutBillion-Dollar Corporate Bond Deals Hit Treasuries: Markets WrapUnited Airlines Resumes US Flights After Temporary Grounding on Tech IssueBenchmark inde

Benchmark indexes were higher at the open in Japan, but slipped in Australia and fluctuated in South Korea. Contracts for Hong Kong’s Hang Seng Index added just 0.1% and those for US shares edged lower. The S&P 500 ended below 4,500 Tuesday while an index of small caps slid about 2% and a gauge of homebuilders sank 5.5%.

The dollar weakened slightly early Wednesday after rising the previous session as US yields increased. Fed Governor Christopher Waller said policymakers can afford to “proceed carefully” with tightening given recent data showing inflation continuing to ease. “There is nothing that is saying we need to do anything imminent anytime soon,” Waller told CNBC. Meantime, Fed Bank of Cleveland President Loretta Mester said the central bank may need to raise rates “a bit higher,” but stopped short of saying what officials should do at their next meeting.

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