Asian shares were mostly up on Wednesday as US corporate earnings boosted sentiment, while traders awaited UK inflation data later in the day to see how tough the central bank should be to fight inflation.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2%, but a smaller fall in Chinese shares cut further gains. China’s mainland blue chips fell 0.2%, while Hong Kong’s Hang Seng lost 0.1%.

Elsewhere, stocks followed Wall Street higher. Japan’s Nikkei rose 0.4%, Australia’s resources sector gained 0.4%, and South Korea rebounded 0.5%.

US S&P 500 futures rose 0.8%, while Nasdaq futures rose 1.3%. Netflix Inc rose 14% in after-hours trading as it reversed subscriber losses that impacted its stock this year and expected further growth.

Better-than-expected quarterly results from Goldman Sachs, Johnson & Johnson and Lockheed Martin helped US stocks rise. The Dow and S&P 500 both rose 1%.

The dollar was little changed on Wednesday, hovering near its lowest level in nearly two weeks. However, it hit a fresh 32-year high of 149.34 yen overnight before stabilising at 149.16 yen amid the risk of Japanese authorities intervening.

Sterling was up 0.14% at $1.1335, having edged lower in the previous session. The UK is reeling from a historic crisis in the government bond market, with annual inflation expected to hit double digits last month at 10% due to the release of September inflation data later in the day.

That could force the Bank of England to raise rates more aggressively. The Bank of England said overnight that it would start selling some of its huge UK government bonds from November 1 but would not sell any longer-dated gilts this year.

A surprisingly strong inflation report from New Zealand on Tuesday prompted markets to sharply revise the Reserve Bank of New Zealand’s expected pace of tightening.

Oil recovered some of its losses on Wednesday after plunging more than 3% in the previous session on concerns about rising US supplies and a slowing Chinese economy. Brent crude futures rose 0.9% to $90.87 a barrel, while US West Texas Intermediate (WTI) crude gained 1.5% to $84.03 a barrel.

A senior official said that US President Joe Biden would announce a plan on Wednesday to sell the last of his release from the country’s emergency oil reserves by the end of the year and outline a strategy to replenish stocks if prices fall.

US Treasury yields were little changed on Wednesday after inching lower. The benchmark 10-year yield was little changed at 4.0148%, while the two-year yield was steady at 4.4435%. Gold edged lower. Spot gold was trading at $1,651.09 an ounce.