Chinese markets are muted after Wall Street bounces back; oil drops about 2%

SINGAPORE — Shares in the Asia-Pacific region traded mixed on Wednesday, as Wall Street bounced back after a turbulent week.

Japan’s Nikkei 225 gave up early gains to sit below the flatline, while the Topix was 0.14% higher.

In South Korea, the Kospi fell 1.1%, while the Kosdaq was declined 1.41%.

Markets in mainland China were flat in early trade. The Shanghai Composite was up slightly, and the Shenzhen Component was down 0.13%. In Hong Kong, the Hang Seng index fell 0.49%.

The S&P/ASX 200 in Australia advanced 0.21%.

MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.53%.

Major indexes in the U.S. jumped on Tuesday after weeks of declines. The Dow Jones Industrial Average gained 641.47 points or 2.15% to 30,530.25, while the S&P 500 rose 2.45% to 3,764.79. The tech-focused Nasdaq advanced 2.51% to 11,069.302.

“The rebound in U.S. equities overnight … will be taken with a pinch of salt as elevated inflation and risks to growth persist,” Lavanya Venkateswaran, an economist at Mizuho Bank, said in a note.

Oil futures declined nearly 2% in Asia trade. International benchmark Brent crude futures slipped 1.87% to $112.51 per barrel. U.S. crude futures also dropped by 1.96% to $107.37 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, last traded at 104.564.

The Australian dollar was at $0.6948, after falling from levels above $0.702 late last week.