Asian stocks rose Wednesday, halting the regional index’s longest slump in 12 years, while industrial metals climbed and Chinese money-market rates slid as the country’s central bank boosts stimulus. The dollar rose before the Federal Reserve reviews interest rates.
The MSCI Asia Pacific Index added 0.4 percent by 12:25 p.m. in Tokyo, rising for the first time in 10 days as a gauge of Chinese shares in Hong Kong jumped 1.9 percent. China’s one-year interest-rate swap fell to the lowest level since June and the cost of insuring Asian debt against default slid a second day. Copper and nickel advanced at least 0.5 percent in London. Standard & Poor’s 500 Index futures retreated 0.1 percent and the Dollar Spot Index climbed 0.1 percent after its biggest drop in three months yesterday.
Later Wednesday, the Fed ends a two-day policy meeting. Many experts were bracing for more hawkish language, but a shift in expectations occurred overnight after a Wall Street Journal journalist argued that the Fed wouldn't make any major change in its statement.
Nikkei 0.1% higher
Japanese shares resumed gains after snapping a five-day winning streak on Tuesday. The benchmark Nikkei traded in sight of the 16,000 level, moving closer to Friday's eight-month high.
Mitsubishi Motor gained 0.5 percent after announcing that it will invest $600 million in Indonesia to build a factory and develop a new car.
Shanghai stocks inched up 0.1 percent, rebounding from Tuesday's two-week low, and moving closer to the one-and-a-half-year high hit earlier this week.
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