Asian Stocks Mixed Ahead of Fed Rate Hike Expectations
Asian stocks mostly higher ahead of Fed's interest rate decision
The Federal Reserve is expected to hike interest rates for the first time in three years, amid elevated inflation in the US. Asian shares were mixed on Wednesday, with Japan's Nikkei 225 gaining 0.4% to 63,721.89. South Korea's Kospi rose 1.3%, while Hong Kong's Hang Seng edged up 0.1%. The Shanghai Composite index climbed 0.6%.
SoftBank Group, a key investor in OpenAI, dropped 1% after rising 7.5% the day before. Chip equipment manufacturer Tokyo Electron rose 1.4%, while Japanese memory maker Kioxia Holdings lost 2.9%. South Korea's memory chipmaker SK Hynix climbed 2.9%. Samsung Electronics was up 1.9%.
Taiwan's Taiex jumped 1.1%, with Taiwan Semiconductor Manufacturing Co., or TSMC, rising 0.2%. Australia's S&P/ASX 200 added 0.3% to 8,694.20. India's Sensex gained 0.4%.
Oil prices stabilized early Wednesday after rising on Tuesday due to tensions between the US and Iran, as well as Saudi Arabia's oil pipeline closure.