This is CNBC's live blog covering Asia-Pacific markets.
Asia-Pacific markets were set to rebound on Wednesday following a broad decline in the previous session and as Wall Street rallied overnight.
Investors are focused on policy decisions from the Reserve Bank of New Zealand and the Reserve Bank of India.
New Zealand's central bank is expected to slash its policy rate by 50 basis points to 4.75%, while the RBI is expected to hold rates at 6.5%.
Japan's Nikkei 225 appeared set for a stronger open, with the futures contract in Chicago at 39,555 and their counterpart in Osaka at 39,410 against the index's last close of 38,937.54.
Futures for Hong Kong's Hang Seng index stood at 20,964, pointing to a rebound after the index saw its worst day in 16 years, falling 9.41% and closing at 20,926.79.
Australia's S&P/ASX 200 started the day up 0.4%.
Overnight in the U.S., stocks rose as oil prices eased.
The S&P 500 gained 0.97%, and the Nasdaq Composite rose 1.45%. The Dow Jones Industrial Average added 0.3%.
West Texas Intermediate oil futures dropped 4.6% Tuesday as traders monitored Israel's expected retaliation to Iran missile attacks and U.S. efforts to prevent a wider regional conflict.
-- CNBC's Samantha Subin and Alex Harring contributed to this report.
Boston Federal Reserve President Susan Collins said Tuesday she expects more interest rate cuts ahead as inflation eases and the labor market cools.
"My confidence in the disinflation trajectory has increased - but so have the risks of the economy slowing beyond what is needed to restore price stability," Collins said in a speech to bankers in Boston. "Further adjustments of policy will likely be needed."
The central bank official noted that the Fed's "dot plot" after its September meeting pointed to an additional 50 basis points, or half percentage point, in reductions before the end of the year, though she did not specify whether she agrees with the consensus.
-- Jeff Cox
The U.S. trade deficit fell more than 10% in August as exports surged, imports declined and the shortfall with China shrunk.
The goods and services imbalance totaled $70.4 billion for the month, down 10.8% from the upwardly revised $78.9 deficit in July, the Commerce Department reported Tuesday. Economists surveyed by Dow Jones were looking for $70.8 billion.
That came as exports rose $5.3 billion, or 2%, and imports declined by $3.2 billion, or 0.9%. However, the year to date trade deficit is still 8.9% higher than the same period a year ago.
-- Jeff Cox
Crude oil futures were down nearly 3% in morning trading as fears of imminent retaliation by Israel against Iran have eased somewhat.
U.S. crude oil was down $2.25, or 2.92%, to $74.89 per barrel at around 9:17 a.m. ET. Global benchmark Brent had fallen $2.26, or 2.79%, to $78.67 per barrel.
Oil prices surged 13% through Monday's close since Iran launched about 180 ballistic missiles at Israel last week. Iran's attack had raised fears that Israel might retaliate by hitting the country's oil industry. President Joe Biden, however, has publicly discouraged Israel from taking this course.
The market was also disappointed that Chinese officials did not announce new stimulus at a press briefing Tuesday. Prior to the escalation in the Middle East, the oil market was swept by bearish sentiment on soft demand in China and worries that crude supplies will outpace global demand next year.