Asian markets mixed as tech shares rebound before CPI

Asian markets were mixed Wednesday as technology shares in Seoul, Tokyo and Taipei recovered part of the previous day's losses, while investors waited for US consumer inflation data and earnings from major semiconductor companies.

Seoul and Taipei both rose more than 1%, and Tokyo's Nikkei 225 was up 0.6% at 68,193.13 around 0230 GMT. Shanghai gained 0.1%, while Hong Kong fell 0.2%. Sydney, Wellington and Manila also declined.

The moves followed losses on Tuesday for technology firms including SK hynix, Advantest and TSMC. Investors were also watching earnings this week from ASML and TSMC, two companies tied closely to the semiconductor and AI supply chain.

New York Fed President John Williams told Bloomberg News that one more rate hike may be appropriate, but added that he did not at that time see a reason to believe more would be needed after that. US consumer price data due later Wednesday could affect expectations for the Federal Reserve's Oct. 28 meeting.

Matt Weller at FOREX.com said markets were pricing in about a one-in-four chance that the Fed would raise interest rates at that meeting.

Oil prices rose more than 1%. West Texas Intermediate was up 1.2% at $95.24 a barrel and Brent crude was up 1.2% at $106.96 around 0230 GMT, as concerns over the Middle East added pressure.