Asian Stocks Rise Ahead of Fed Rate Decision Amid Elevated Inflation

Asian stocks mostly rose ahead of the Federal Reserve's interest rate decision on Wednesday, despite losses on Wall Street. Investors are expecting the Fed to hike rates for the first time in three years as inflation remains elevated in the US and above the Fed's target.

The Japan Nikkei 225 index gained 0.4% to 63,721.89, while South Korea's Kospi rose 1.3% to 6,711.62. Hong Kong's Hang Seng edged up 0.1% to 24,700.62.

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 adding pressure on global oil supply. Brent crude was 0.5% lower at $108.18 a barrel, while U.S. crude fell 0.8% to $104.94 a barrel.