U.S. stocks rose slightly on Tuesday following positive consumer and housing data, and Asian stocks were eager to follow suit on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.4 percent higher while Australian shares gained just over 1 percent. Japan’s Nikkei 225 index was relatively flat, staggered by Toshiba shares which plummeted 20 percent and hit the exchange’s daily downward limit. The technology company fell an additional 11.6 percent on Tuesday following news that it may have to book several billion dollars in charges connected to its acquisition of a U.S. nuclear power plant construction company.

U.S. Treasury yields continued their gains on Tuesday, hitting one-week highs on hopes that the positive reports would spur the Federal Reserve to institute monetary tightening policies in the coming year. The U.S. dollar gained 0.2 percent against the yen, trading at 117.670. The euro was trading at $1.0466, just 0.1 percent higher than Tuesday’s trade.

Oil and Commodities Search for Gains

Oil prices slipped slightly during Wednesday’s Asian session as traders awaited news about the proposed production cut deal between OPEC and non-OPEC oil producers, which is expected to take effect on January 1, 2017. Brent futures slid 0.2 percent to trade at $55.9 per barrel while U.S. crude futures dropped 0.17 percent to trade at $53.81 per barrel. Despite Wednesday’s early losses analysts are optimistic that oil prices will continue their rally into the new year if the production cut deal comes to fruition.

Nevertheless, some analysts are concerned that production cuts which could raise prices would reduce demand from China, currently the world’s second-largest oil consumer. A cut in demand could hurt OPEC in the long run and play into price weakness once again.

Shanghai zinc and nickel prices were pulled higher on positive market sentiment looking towards the new year, while Iron ore on the Dalian Commodity Exchange gained 3.3 percent to break a 9-day losing streak.