Shares in Microsoft MSFT.O gave up most of their 4% gains posted in after-hours trade. By Anshuman Daga SINGAPORE, Jan 25 (Reuters) - Asian equities scaled their highest levels in seven months on Wednesday after some regional markets reopened after holidays, and the Australian dollar hit multi-month highs as surging inflation made higher interest rates more likely. "The market continues to price for a dream scenario of inflation having peaked then coming down sharply, but not overshooting to the downside; only the very mildest of recessions by any historical standards," Rabobank's global strategist Michael Every said in a report.