Asian Stocks Stumble as Markets Prepare for US Fed Rate Hike

Asian stock markets wavered on Wednesday as investors braced for an anticipated interest rate hike by the US Federal Reserve, which will announce its decision later in the day.

The Fed's move is expected to be a 25 basis-point increase, with a close to 90% chance of it happening, according to Investec. This would mark the first rate hike since 2023.

Oil prices continued to rise, with Brent crude at $107.85 per barrel on Tuesday morning, despite easing 0.83% overnight due to supply risk from the Middle East war.

The South African rand was holding steady against the US dollar at R16.24, despite a pre-Fed risk-off tone in markets and strong US Treasury yields near 5%.