This is CNBC's live blog covering Asia-Pacific markets.

Shares in the Asia-Pacific traded higher on Wednesday after U.S. stocks rallied for a second day.

Hong Kong's Hang Seng index surged to close 5.9% higher at 18,087.97 on its return after a holiday Tuesday. The Hang Seng Tech index soared 7.54% higher.

The Nikkei 225 in Japan rose 0.48% to close at 27,120.53, while the Topix added 0.32% to 1,912.92.

In South Korea, the Kospi was up 0.26% at 2,215.22 and the Kosdaq gave up early gains to close 1.64% lower at 685.34. Inflation in South Korea slowed slightly in September, according to official data released Wednesday.

Australia's S&P/ASX 200 was up 1.74% at 6,815.70. MSCI's broadest index of Asia-Pacific shares outside Japan rose 2.55%.

Mainland China markets remain closed for the Golden Week holiday, and India's stock market is also shut for a holiday.

On Wall Street overnight, stocks soared overnight in the U.S. for a second session. The Dow Jones Industrial Average jumped 825.43 points, or 2.8%, to 30,316.32. The S&P 500 advanced nearly 3.1% to close at 3,790.93, and the Nasdaq Composite was 3.3% higher to end at 11,176.41.

"There is no denying incoming U.S. economic data is having a hand in equity, bond and currency moves so far this week," wrote Ray Attrill, head of FX strategy at National Australia Bank.

The U.S. Job Openings and Labor Turnover report sprang a "big downside surprise" that couldn't be ignored, he wrote. It's the "first meaningful sign of some cracks" in the labor market, though it is still very tight, he added.

— CNBC's Tanaya Macheel and Alex Harring contributed to this report.

Standard Chartered says the Thai baht could recover in the fourth quarter

Thailand's current account has been challenged by high energy prices and still-weak tourism, but the outlook is better, said Mayank Mishra, global macro strategist at Standard Chartered Bank.

He said tourism numbers are "picking up healthily," energy prices have come off from their peaks and shipping costs have fallen.

"Net-net, the current account outflow for Thailand is looking a lot better to us. And that's why we believe that in Q4, we will have an opportunity to play for Thai baht recovery."

The Thai baht last stood at 37.33 against the greenback.

— Charmaine Jacob

Hong Kong stock movers: HSBC, Ping An, tech stocks

Heavyweights on the Hang Seng index pushed the broader market higher as investors returned from Tuesday's holiday.

HSBC closed 5.7% as the bank reportedly considers selling its wholly owned subsidiary in Canada.

Ping An, a major shareholder in HSBC, saw its shares close the trading day 9.6% higher.

Tech stocks in Hong Kong also buoyed the wider index, with JD.com soaring 10.13%. Alibaba advanced 8.44% and Meituan gained 8.16%.

— Abigail Ng

Central banks in Asia are being more modest than the Fed, says S&P Global Ratings

The U.S. may be the "odd man out" as the Federal Reserve continues its aggressive rate hike path, said Louis Kuijs, chief Asia-Pacific economist at S&P Global Ratings.

Central banks in Asia that are increasing interest rates are "being much more modest," Kuijs said.

It's important that central banks are not all just following whatever the Fed does, Kuijs said on CNBC's "Squawk Box Asia" on Wednesday.

"We have weaker inflation [in Asia], that means lower interest rates and lower expectations. It does mean of course, pressure on the currencies. But in terms of what it means for the for the real economy and for growth, and it's not too bad," he added.

— Charmaine Jacob

Shares of TSMC jump after Morgan Stanley says it's a 'top pick'

TSMC's shares in Taiwan jumped as much as 5.13% after Morgan Stanley named the world's largest chip maker as the top pick in a note which predicted a semiconductor cycle recovery in the second half of 2023.

The investment bank said TSMC is an industry leader with pricing power.

The company's U.S.-listed stock also rose about 5% overnight.

— Abigail Ng

CNBC Pro: Bank of America reveals its global picks for this quarter, giving one stock over 100% upside

Interest rate rises, soaring energy prices and political turmoil in some parts of the world have battered stocks going into the final quarter of this year.

To help investors navigate the volatility, Bank of America has revealed its top "short-term stock recommendations" for the next quarter, which they expect to "significantly outperform" their peers.

CNBC Pro subscribers can read about five of their stock picks here.

— Ganesh Rao

BYD's Hong Kong shares pop after September sales jump, deal with transport firm

Shares of BYD in Hong Kong jumped as much as 10.3% in Asia's morning trade after it reported a 187% increase in passenger vehicle sales for September compared to a year ago, a filing showed.

The Chinese electric car and battery giant, backed by Warren Buffett's Berkshire Hathaway, reported sales figures on Monday after the close. Hong Kong's stock market was closed on Tuesday for a holiday.

BYD also signed an agreement with Sixt, a company that operates car rental and ride-hailing services. Sixt intends to purchase 100,000 additional electric vehicles from BYD until 2028, following an initial order of a few thousand pure-electric vehicles, according to a statement.

BYD last traded 9.79% higher.

— Abigail Ng

CNBC Pro: Market is heading toward the ‘best week of the year,’ pro says — and names 2 stocks to play it

Market veteran Phil Blancato, whose firm has more than $4 billion in assets under management, said he expects next week to be a "turnaround week" for markets.

Investors should take the chance to "jump into the market," he said, as he named two stocks to take advantage of the rally ahead.

Pro subscribers can read more here.

— Zavier Ong

New Zealand dollar gains after central bank hikes rates by 50 basis points

The New Zealand dollar strengthened against the U.S. dollar after the Reserve Bank of New Zealand raised interest rates.

The official cash rate now stands at 3.5%, after the central bank increased rates by half a point to "maintain price stability and contribute to maximum sustainable employment," according to an official statement.

The kiwi dollar gained as much as 0.86% against the greenback, and last traded about 0.5% higher at $0.5762.

— Abigail Ng

Core inflation in South Korea may peak in October, BofA Securities says

South Korea's core inflation, which excludes food and energy prices, could peak in October as demand slows due to higher prices and rising interest rates, said Kathleen Oh, Korea economist at BofA Securities.

Core CPI came in at 4.1% in September compared to a year ago, up slightly from August's 4%.

"Even after it peaks, I think the slowdown of the inflation is going to be quite gradual, so that the overall level of prices will be elevated for at least next six or nine months ahead," she told CNBC's "Squawk Box Asia."

Headline inflation may have peaked in July since oil prices have fallen, she added.

— Abigail Ng

CNBC Pro: This isn't the market bottom, Morgan Stanley says, naming 3 things that have to happen first

There's unlikely to be a sustainable market bottom unless three conditions are met, according to Morgan Stanley.

"We … remind readers that the last few innings of every bear market are very challenging to trade as volatility becomes extreme," they wrote. "None of the conditions we have been looking for to call an end to this bear market are in place."

Pro subscribers can read more here.

— Weizhen Tan

South Korea inflation eased slightly in September

Consumer prices in South Korea rose less than expected in September from a year ago, official data showed.

The CPI print came in at 5.6%, compared with 5.7% that economists polled by Reuters predicted. Prices rose 5.7% in August.

September's reading marks a second month of softening in inflation, and the slowest growth in four months.

— Abigail Ng

Dollar index falls back to 110

One factor helping equity markets on Tuesday could be a slightly weaker dollar, which is falling for the fifth-straight day.

The DXY US Dollar Currency Index was down 1.5% in afternoon trading at 110.06. The index was trading as high as 114.78 last week, when there was concern about a failure of the UK government bond market.

The British pound and the euro were each more than 1% against the dollar on Tuesday. The greenback was also down against the Japanese yen.

—Jesse Pound, Gina Francolla