Asian markets mostly rose Wednesday as traders tracked another record day on Wall Street ahead of the Federal Reserve's policy meeting, while the yen further weakened a day after Japan's rare interest rate hike.
Pedestrians pass an electronic board showing the numbers for the Hang Seng Index in Hong Kong on December 5, 2022.HONG KONG, China — Asian markets mostly rose Wednesday as traders tracked another record day on Wall Street ahead of the Federal Reserve's policy meeting, while the yen further weakened a day after Japan's rare interest rate hike.
That is in line with the Fed's December projection, but there are worries policymakers could be spooked into lowering their outlook to just two -- or 50 basis points. "Since the start of this year, expectations about 2024 central bank easing have been pared back materially," JP Morgan economists wrote in a recent investor note.Asian dealers were a little less enthusiastic in the early exchanges but grew more optimistic as the day wore on.
It was also at more than 151.5 per dollar, with analysts saying officials would be keeping an eye on the markets ready to support the unit. "Looking ahead, the Bank will likely keep its policy stance accommodative in the near term, unless it sees risks of significant upward pressure on underlying inflation," said Duncan Wrigley and Kelvin Lam at Pantheon Macroeconomics.Shanghai - Composite: UP 0.6 percent at 3,079.69 West Texas Intermediate: DOWN 0.4 percent at $82.
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