HONG KONG — Most global markets advanced Tuesday as the dollar weakened amid growing confidence the U.S. would continue to hold down borrowing rates to revive its economy. Most Asian bourses, down early following declines overnight in the U.S., rebounded later in the day, with European shares following them higher. Oil prices were little changed near $80. Investors were awaiting testimony from U.S. Federal Reserve Chairman Ben Bernanke on Wednesday and Thursday that could provide more clarity about the bank's plans to unwind its emergency economic support measures and raise consumer borrowing rates. The Fed's surprise decision to hike its less influential emergency lending rate to banks rattled global markets last week. Expecting Bernanke to signal the Fed's intention to keep borrowing rates near zero, investors exited the dollar, dragging the greenback down against the euro and the yen. Lower interest rates can weaken the dollar by encouraging investors to sell the greenback in exchange for higher-yielding assets denominated in other currencies. Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong, noted that several Fed officials have indicated in recent comments that the U.S. economy still needs rock-bottom interest rates to turn around. "Clearly, the Fed does not want investors to expect an actual policy tightening any time soon," Kowalczyk said in a note. As trading opened in Europe, markets in Britain, Germany and France rose about 0.6 per cent each. U.S. futures, meanwhile, pointed to a stronger open on Wall Street Tuesday. S&P futures gained 2.3 points, or 0.2 per cent, to 1,109.80. In Japan, the Nikkei 225 stock average fell 48.37, or 0.5 per cent, to 10,352.10, but still recouped some of its losses. Shares of Toyota Motor Corp. shed about 0.5 per cent, in line with the broader market's losses, a day after disclosing it was the target of U.S. criminal and regulatory investigations in connection with its recent safety problems. Among rising markets, Hong Kong reversed an early retreat to gain 1.2 per cent to 20,623.00. South Korean and Indian shares edged up 0.1 per cent. Singapore's market rose, while Australia's market was flat. The dollar fell to 90.87 yen 91.15 yen. The euro gained to $1.3659 from $1.3593. In oil, the benchmark contract was down 20 cents at $80.11 barrel after adding 35 cents overnight. In the U.S. Monday, Wall Street paused after a four-day rally as cautious outlooks from major consumer companies reminded traders America's economic recovery would be subdued. the Dow fell 18.97, or 0.2 per cent, to 10,383.38. The Standard&Poor's 500 index fell 1.16, or 0.1 per cent, to 1,108.01, while the Nasdaq composite index fell 1.84, or 0.1 per cent, to 2,242.03.

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