Asian stocks rise as anxiety over banks starts to fade

Asian stocks are higher after anxiety about the global financial system began to fade following three high-profile bank failures. Tokyo and Sydney advanced while Shanghai edged lower. Hong Kong rose after e-commerce giant Alibaba announced plans to split into six business units. Oil prices gained. Fears global banks might be cracking under the strain of interest rate hikes to cool inflation temporarily pushed aside unease about slowing economic growth. Some calm has returned after regulators announced measures to shore up the system. The failure of two U.S. banks and one in Switzerland creates a dilemma for central bankers who are trying to cool economic activity and bring down inflation that is near multi-decade highs.