Asian equity markets mostly rose Wednesday after less hawkish remarks from New York Fed President John Williams calmed bond yields and bolstered risk appetite. Williams suggested the Fed could wait until December before lifting rates again, easing expectations for another increase next month. Market pricing for a 25-basis-point hike at the October meeting declined to 49% from 71% previously. U.S. Treasury yields retreated from multidecade highs, with the 10-year yield down 2 basis points at 5.230%.

Asian bond yields also eased, with the 10-year Japanese government bond yield dropping to 3.069% and the 10-year Australian sovereign security falling to 5.340%. Japan's Nikkei Stock Average gained 2.9%, while South Korea's Kospi advanced 0.1% and Malaysia's FTSE Bursa Malaysia KLCI rose 0.65%. Hong Kong's Hang Seng Index was flat and Singapore's FTSE Straits Times index slipped 0.1%.

Crude oil futures edged higher amid uncertainty surrounding U.S.-Iran diplomatic efforts and the Strait of Hormuz, with WTI up 0.2% at $89.52 and Brent gaining 0.5% to $103.13. Goldman Sachs estimated Persian Gulf oil exports recovered to 2025 average levels. Qatar said it will meet with the U.S. and Iran on possible solutions, though Iranian officials expressed doubts about a deal before the U.S. midterm elections in November.