Asian shares mixed after rebound on Wall Street

Asian shares have mostly rebounded from their retreat a day earlier, tracking a recovery on Wall Street

TOKYO -- Asian shares were mostly higher on Tuesday, with most benchmarks tracking Wall Street's recovery from the Federal Reserve's reminder that it eventually will provide less support to markets. Japan's benchmark Nikkei 225 jumped 3.1% in afternoon trading to 28,883.46. Australia's S&P/ASX 200 surged 1.5% to 7,342.20. South Korea's Kospi rose 0.8% to 3,265.00. Hong Kong's Hang Seng fell 0.2% to 28,419.58, while the Shanghai Composite gained 0.5% to 3,547.10. Shares rose in India, Taiwan and Southeast Asia. U.S. futures also edged higher. Federal Reserve Chair Jerome Powell says the economy is growing at a healthy clip, and that has accelerated inflation. In written testimony to be delivered at a congressional oversight hearing Tuesday, Powell reiterated his view that inflation’s recent jump to a 13-year high will prove temporary.