Asian equities rose Thursday after US stocks set a fresh high ahead of inflation data that may define Federal Reserve policy easing in the coming months.

Shares in Japan, South Korea and Australia climbed while Hong Kong equity futures also rose. An index of US-listed Chinese companies fell in New York trading, following the biggest drop in more than four years for mainland China’s benchmark index on Wednesday.

Treasuries were steady in early Asian trading after yields drifted higher in New York trading on Wednesday. The Bloomberg Dollar Spot Index was steady Thursday after rising 0.4% in the prior session — up for an eighth straight day. The yen was little changed against the greenback after slumping to the lowest level since mid-August to around 149 per dollar on Wednesday.

Few signs of extra support for China’s economy and financial markets appeared, indicating further gyrations for the nation’s equities. A gauge of volatility for Hong Kong stocks was a touch lower Wednesday but remained well above historically averages. One sticking point for investors is whether there will be more fiscal stimulus. Authorities said Wednesday a press conference on the topic will be held over the weekend.

Taiwan Semiconductor Manufacturing Co. posted a better-than-expected 39% rise in quarterly revenue on Wednesday. Markets are closed in Taiwan Thursday.

In commodities, oil held steady as US crude inventories swelled and traders monitored China’s plans for fiscal policy. Gold was little changed on Thursday after falling in the previous six sessions.

Meanwhile, Fed Bank of San Francisco President Mary Daly said she expects the US central bank will continue lowering interest rates this year in an effort to protect the labor market. “I think that two more cuts this year, or one more cut this year, really spans the range of what is likely,” Daly said Wednesday, referring to one or two quarter-point reductions.