Hong Kong stocks opened higher on Wednesday, although elevated oil prices continued to raise concerns over inflation and global growth.

The Hang Seng Index rose 0.5%, or 122.67 points, to open at 24,789.91, while the Hang Seng China Enterprises Index gained 0.5%, or 36.68 points, to 8,241.59.

U.S. stocks ended lower on Tuesday, with the Dow Jones Industrial Average down 0.6%, the S&P 500 down 0.5%, and the Nasdaq Composite down 0.8%.

The U.S. 10-year Treasury yield rose 4.5 basis points to 5%, its highest level since 2007, as investors remained focused on the Federal Reserve's policy decision later Wednesday.

Brent crude settled above $108 a barrel as fresh Houthi attacks on Saudi Arabia raised concerns over Middle East energy supplies, adding to inflation risks.