Stock markets across Asia rebounded Wednesday, bouncing back from two days of big losses after a hefty, surprise rate cut by the U.S. Federal Reserve.

Japan’s benchmark Nikkei index gained 2.04 percent, to close at 12,829.06 points on the Tokyo Stock Exchange.

Hong Kong’s Hang Seng index made a dramatic rally, closing up 10.7 percent at 24,090.17.

Australia’s benchmark S&P/ASX200 index rose 4.4 percent to close at 5,412.3 after losing 7.1 percent the day before.

The Korea Composite Stock Price Index gained 19.40 points, or 1.2 percent, to close at 1,628.42.

Singapore’s index was up 3.7 percent, while India’s benchmark index rose 4.6 percent in early trading.

The benchmark Shanghai Composite Index dropped 0.6 percent to 4,533.06 by midday.

U.S. markets opened sharply down on Tuesday but fought back from the session lows after the U.S. central bank cut two key interests rate by three-quarters of a percentage point.

The Federal Reserve attempted to allay fears about the strength of the U.S. economy by trimming its key federal fund rate — which impacts how much borrowers pay on credit card debt and loans — from 4.25 percent to 3.5 percent.

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