Asia Stocks Gain Amid Diminishing Fed Rate Hike Bets

Asian shares rose on Monday as investors trimmed bets of an imminent interest rate hike from the Federal Reserve. China's blue-chip stocks led the gains, up 0.8%, ahead of key economic data due later in the day.

The Hang Seng index gained 1.6% as forecasts suggested a slowdown in industrial output growth to 4.8%. Brent crude oil prices inched up 0.2% to $88.67 a barrel, while US crude slipped 0.2% to $82.19 a barrel.

Shane Oliver, chief economist at AMP, said that while there is still no resolution to the Iran/Hormuz impasse, oil prices will likely stay in a $70-$100 range. However, he noted that the risk remains that there will be no sustainable peace deal and higher oil prices as reserves run down.