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A person wearing a protective mask rides a bicycle in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Sept. 12, 2022, in Tokyo. Shares rose Monday in Asia after last week’s strong close on Wall Street, which snapped a three-week losing streak.

A person wearing a protective mask stands in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Sept. 12, 2022, in Tokyo. Shares rose Monday in Asia after last week’s strong close on Wall Street, which snapped a three-week losing streak.

A person looks at an electronic stock board showing Japan's stock prices at a securities firm Monday, Sept. 12, 2022, in Tokyo. Shares rose Monday in Asia after last week’s strong close on Wall Street, which snapped a three-week losing streak.

People wearing protective mask stand in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Sept. 12, 2022, in Tokyo. Shares rose Monday in Asia after last week’s strong close on Wall Street, which snapped a three-week losing streak.

A person looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Sept. 12, 2022, in Tokyo. Shares rose Monday in Asia after last week’s strong close on Wall Street, which snapped a three-week losing streak.

FILE - An NYSE sign is seen on the floor at the New York Stock Exchange in New York, on June 15, 2022. Stocks are opening lower again on Wall Street, continuing a weak patch that has wiped out much of the gains the market made in July and early August. The S&P 500 lost about half a percent in the early going Thursday, Sept. 1.

FILE - Pedestrians pass the New York Stock Exchange, May 5, 2022, in the Manhattan borough of New York. Stocks are opening higher on Wall Street as the market builds on a rally last week that broke a three-week losing streak. The S&P 500 index was up a bit more than half a percent, as was the Nasdaq composite. The Dow Jones Industrial Average was up a little less than half a percent.

A currency trader watches computer monitors near the screens showing the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Tuesday, Sept. 13, 2022. Asian stocks followed Wall Street higher on Tuesday ahead of data traders hope will show surging U.S. inflation eased in August, reducing pressure for more interest rate hikes.

Currency traders watch computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Tuesday, Sept. 13, 2022. Asian stocks followed Wall Street higher on Tuesday ahead of data traders hope will show surging U.S. inflation eased in August, reducing pressure for more interest rate hikes.

Currency traders and an employee watch computer monitors near the screens showing the foreign exchange rate between U.S. dollar and South Korean won, left, and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a foreign exchange dealing room in Seoul, South Korea, Tuesday, Sept. 13, 2022. Asian stocks followed Wall Street higher on Tuesday ahead of data traders hope will show surging U.S. inflation eased in August, reducing pressure for more interest rate hikes.

A person wearing a protective mask rides a bicycle in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Sept. 12, 2022, in Tokyo. Shares rose Monday in Asia after last week’s strong close on Wall Street, which snapped a three-week losing streak.

A person wearing a protective mask stands in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Sept. 12, 2022, in Tokyo. Shares rose Monday in Asia after last week’s strong close on Wall Street, which snapped a three-week losing streak.

A person looks at an electronic stock board showing Japan's stock prices at a securities firm Monday, Sept. 12, 2022, in Tokyo. Shares rose Monday in Asia after last week’s strong close on Wall Street, which snapped a three-week losing streak.

People wearing protective mask stand in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Sept. 12, 2022, in Tokyo. Shares rose Monday in Asia after last week’s strong close on Wall Street, which snapped a three-week losing streak.

A person looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Sept. 12, 2022, in Tokyo. Shares rose Monday in Asia after last week’s strong close on Wall Street, which snapped a three-week losing streak.

FILE - An NYSE sign is seen on the floor at the New York Stock Exchange in New York, on June 15, 2022. Stocks are opening lower again on Wall Street, continuing a weak patch that has wiped out much of the gains the market made in July and early August. The S&P 500 lost about half a percent in the early going Thursday, Sept. 1.

FILE - Pedestrians pass the New York Stock Exchange, May 5, 2022, in the Manhattan borough of New York. Stocks are opening higher on Wall Street as the market builds on a rally last week that broke a three-week losing streak. The S&P 500 index was up a bit more than half a percent, as was the Nasdaq composite. The Dow Jones Industrial Average was up a little less than half a percent.

A currency trader watches computer monitors near the screens showing the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Tuesday, Sept. 13, 2022. Asian stocks followed Wall Street higher on Tuesday ahead of data traders hope will show surging U.S. inflation eased in August, reducing pressure for more interest rate hikes.

Currency traders watch computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Tuesday, Sept. 13, 2022. Asian stocks followed Wall Street higher on Tuesday ahead of data traders hope will show surging U.S. inflation eased in August, reducing pressure for more interest rate hikes.

Currency traders and an employee watch computer monitors near the screens showing the foreign exchange rate between U.S. dollar and South Korean won, left, and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a foreign exchange dealing room in Seoul, South Korea, Tuesday, Sept. 13, 2022. Asian stocks followed Wall Street higher on Tuesday ahead of data traders hope will show surging U.S. inflation eased in August, reducing pressure for more interest rate hikes.

BEIJING (AP) — Asian stocks followed Wall Street higher on Tuesday ahead of data traders hope will show surging U.S. inflation eased in August, reducing pressure for more interest rate hikes.

Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices edged lower.

Wall Street's benchmark S&P 500 index gained 1.1% on Monday for its fourth daily rise.

Investors were waiting for U.S. government data they hope would say inflation peaked at a four-decade high of 9.1% in June and has fallen further after declining to 8.5% in July.

Such a decline might help the Federal Reserve avoid having to raise interest rates further to a level that might tip the U.S. economy into recession.

The report “will likely show pricing pressure relief but will not change the Fed from maintaining an aggressive stance,” Edward Moya of Oanda said in a report.

The Shanghai Composite Index gained 0.4% to 23,274.57 and the Nikkei 225 in Tokyo added 0.2% to 28,589.11. The Hang Seng in Hong Kong rose 0.7% to 19,489.43.

The Kospi in Seoul soared 2.6% to 2,445.99 and Sydney's S&P-ASX 200 rose 0.6% to 7,002.00.

New Zealand declined while Southeast Asian markets gained.

On Wall Street, the S&P 500 rose to 4,110.41. The Dow Jones Industrial Average gained 0.7% to 32,381.34. The Nasdaq composite rallied 1.3% to 12,266.41.

On Wednesday, the U.S. government is due to report August inflation at the wholesale level.

Fed officials have affirmed support for substantial rate hikes and to keep borrowing costs elevated for long enough to make sure inflation is extinguished.

Investors hope receding inflation pressures might prompt the Fed to back off. Similar hopes earlier were dashed when chair Jerome Powell said in August that rates would stay high.

Surveys show traders expect the Fed this month to raise rates for the fifth time this year and by 0.75 percentage points, three times its usual margin. Then, traders expect the U.S. central bank to hold rates steady through the first half of 2023.

In energy markets, benchmark U.S. crude lost 7 cents to $87.71 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 99 cents to $87.78 on Monday. Brent crude, the price basis for international oil trading, shed 12 cents to $93.88 per barrel in London. It gained $1.16 the previous session to $94.

The dollar eased to 142.45 yen from Monday's 142.73 yen. The euro rose to $1.0130 from $1.0117.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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