Asian stocks rebound as Wall St futures gain after holiday

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 21, 2022. Asian stocks rebounded Tuesday as Wall Street futures moved higher while U.S. markets were closed for a holiday. (AP Photo/Kin Cheung)

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 21, 2022. Asian stocks rebounded Tuesday as Wall Street futures moved higher while U.S. markets were closed for a holiday. (AP Photo/Kin Cheung)

A man wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 21, 2022. Asian stocks rebounded Tuesday as Wall Street futures moved higher while U.S. markets were closed for a holiday. (AP Photo/Kin Cheung)

BEIJING (AP) — Asian stocks rebounded Tuesday as Wall Street futures moved higher after a U.S. market holiday.

Tokyo, Hong Kong and Sydney gained. Shanghai declined. Oil prices climbed above $110 per barrel.

The future for Wall Street's benchmark S&P 500 index was up 1.4% as U.S. markets prepared to reopen following a three-day holiday weekend.

“The modest equity market recovery continues in Asia, thanks to U.S. index futures grinding higher,” Jeffrey Halley of Oanda said in a report.

The Nikkei 225 in Tokyo added 1.8% to 26,246.31 while the Shanghai Composite Index lost 0.8% to 3,288.12. Hong Kong's Hang Seng advanced 1.2% to 21,420.76.

The Kospi in Seoul was 0.7% higher at 2,407.62 and Sydney's S&P-ASX 200 rose 1.3% to 6,514.80.

India's Sensex opened up 1.7% at 52,460.17. New Zealand and Southeast Asian markets gained.

Investors worry efforts by U.S. and European central banks to cool inflation that is running at a four-decade high might derail global economic growth.

Japan and China, two of the three biggest economies, have avoided joining in rate hikes. On Monday, China's central bank left its benchmark rates unchanged. The Bank of Japan stuck to its policy of near-zero interest rates last week despite concern that is weakening the yen's exchange rate.

The S&P 500 has fallen by more than 20% from its Jan. 3 peak, putting it in what traders call a bear market.

Investors are looking for clues of Fed plans for possible additional rate hikes when Chair Jerome Powell speaks before congressional committees this week.

On Monday, European stock markets advanced. Shanghai, Tokyo and Seoul declined.

In energy markets, benchmark U.S. crude jumped $2.01 to $110 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price standard for international oil trading, gained 98 cents to $115.11 per barrel in London.

The dollar edged up to 135.05 yen from Monday's 135 yen. The euro gained to $1.0523 from $1.0491.