Asian Stocks Rise as BOJ Meeting Looms Amid Ongoing Middle East Tensions
Asian stocks rose on September 18 as global policymakers increased efforts to rein in inflation. The Bank of Japan (BOJ) meeting is expected to bring a rate hike, which has improved investor sentiment.
The war in the Middle East has kept oil prices above $100 a barrel, fueling inflation fears worldwide. However, Brent crude futures dropped 1% to $103.77 a barrel due to hopes of alternative oil supply routes from the region.
Traders took cues from the rally on Wall Street, led by beaten-down tech stocks. The 10-year US Treasury yield steadied after a brutal sell-off this week that pushed it above 5% for the first time since 2007.
The Bank of England warned that it may need to hike rates if the Middle East war continues. The US Federal Reserve raised rates on September 16 and signaled more hikes in the coming months.