Asian markets extend gains after Wall Street rally

Asian markets extended gains Wednesday, tracking a rally in New York, on optimism that the Federal Reserve's plan to hike interest rates will help bring inflation under control.

While there remains plenty of concern about the war in Ukraine, analysts said some confidence had seeped back into trading floors as investors bet on consumer resilience and economies continue to reopen.

Fed boss Jerome Powell said Monday that the central bank was prepared to act more aggressively on lifting borrowing costs if inflation -- already at a 40-year high -- does not fall quickly enough.

All three main indexes on Wall Street rallied Tuesday, with the Nasdaq piling on two percent.

And Asia took up the baton, with Tokyo jumping three percent and Hong Kong continuing to bask in a tech rally fuelled by China's pledge of support for markets, putting on more than one percent.

Still, investors continue to keep an eye on developments in the Ukraine war, which is keeping oil prices elevated though they remain stuck just below $120 a barrel.