- Stocks rose as bumpy trading in Hong Kong gave way to a surge in Chinese state-owned firms, producing a tailwind that aided US equities futures.

- While traders in Asia awaited fresh clues from Chinese authorities and Fed's Powell, key currency and treasury moves remained restrained inside narrow ranges.

- The Australian currency and government bond yields fell, but the country's stock market surged, after the central bank raised borrowing costs and suggested more will be needed. It also claimed that inflation had peaked.

- Investors are still weighing the impact of China's moderate growth target — which has the added benefit of putting less pressure on inflation — as well as the potential of future interest rate hikes in major nations. Australia's hike during the Asian session comes before Fed's Powell's presentation in Congress, later in the day.

- Treasury rates remained elevated in Asia, with the 10-yr maturity rate slightly below the closely watched 4% barrier. A measure of dollar strength changed little.