Asian shares mostly gain after rally on Wall Street

Stocks were mostly higher in Asia on Tuesday, tracking latest rally on Wall Street. Oil prices and U.S. futures vanced and dollar was tring near 149 Japanese yen.

A release of China's most recent ecomic growth figures was postponed Monday, removing one factor that h been expected to drive tring. specific reason was given, but GDP report might have conflicted with confident tone of a Communist Party congress being held in Beijing, by showing ecomy grew by as little as 3% in latest quarter, barely half official 5.5% target.

re was little immediate news from garing in Beijing, where party is expected to unveil its top leership for next five years a day after congress closes.

Some analysts speculated that delay was due to signs of furr weakening in ecomy. ING Ecomics said in a report that while data weren't likely to “paint a particularly positive picture of Chinese ecomy" when y are eventually released, “ delay suggests that government believes that 20th Party Congress is most important thing happening in China right w and would like to avoid or information flows that could create mixed messs."

Hong Kong's Hang Seng index surged 1.7% to 16,888.79, while Shanghai Composite index slipped 0.1% to 3,080.96.

Tokyo's Nikkei 225 index rose 1.4% to 27,156.14 and Kospi in Seoul climbed 1.4% to 2,249.95. In Australia, S&P/ASX 200 vanced 1.7% to 6,779.20. India's Sensex rose 1%.

dollar was tring at 148.96 Japanese yen, down from 148.98 yen. Senior Japanese officials have indicated y might intervene in market to try to stem volatility and support yen, which has weakened sharply against dollar this year.

euro rose to 98.60 cents from 98.41 cents.

On Monday, S&P 500 climbed 2.6% to 3,677.95. Dow gained 1.9% to 30,185.82, while Nasdaq ded 3.4% to 10,675.80.

Trers also bid up small company stocks. Russell 2000 index rose 3.2% to 1,735.75.

Early Tuesday, future for S&P 500 was up 1.5% while that for Dow industrials gained 1.2%.

Nearly all of stocks in benchmark S&P 500 index rose, with techlogy and communications companies among biggest gainers.

Bond yields eased back from ir multiyear highs and took some pressure off of stocks. yield on 10-year Treasury, which influences mortg rates , held stey at 3.99%. yield on 2-year Treasury, which tends to track expectations for future Federal Reserve action, fell to 4.46% from 4.50% late Friday.

U.K. government bonds rallied following news that country’s new Treasury chief was abandoning nearly all of a series of unfunded tax cuts that h upset markets.

Wall Street indexes remain sharply lower from where y were at beginning of this year. S&P 500 and Russell are down more than 22%, while Nasdaq has slumped more than 31%. Dow is off nearly 17%.

Investors worry that i nflation is driving risks for recession higher as Federal Reserve and or central banks raise interest rates to cool surging prices.

latest round of corporate financial results could help give investors a clearer picture of how companies and consumers are handling inflation.

On Monday, Bank of America CEO Brian Moynihan told analysts during a conference call following release of company’s latest quarterly results that high inflation and worries of a recession haven’t slowed its customers' spending.

Several major airlines, which could see some turbulence in ir finances if inflation hits consumers' travel spending, will report earnings this week. United Airlines releases its results on Tuesday, followed by American Airlines on Thursday.

Or big names reporting earnings this week include Johnson & Johnson, Netflix, Union Pacific and American Express.

In energy tring, U.S. benchmark crude oil gained 44 cents to $85.90 per barrel in electronic tring on New York Mercantile Exchange. It lost 15 cents to $85.46 per barrel on Monday.

Brent crude, basis for pricing international oil, picked up 30 cents to $91.92 per barrel.