Asian markets rise ahead of Fed meeting


Asian markets rose in early trading Wednesday, as traders awaited reassurance from the U.S. Federal Reserve.

Hong Kong’s Hang Seng Index
HSI,
+0.26%

inched up about 0.2%, while the Shanghai Composite
SHCOMP,
+0.46%

edged up 0.4%. South Korea’s Kospi
180721,
+0.66%

rose 0.8%, while benchmark indexes gained in Taiwan
Y9999,
+1.66%

, Singapore
STI,
+0.53%

and Indonesia
JAKIDX,
+0.38%

. Australia’s S&P/ASX 200
XJO,
+1.02%

advanced 0.9%. Japan’s Nikkei was closed for a holiday.

In South Korea, Samsung Electronics
005930,

shares were down slightly after the tech giant reported a slight decline in net quarterly profit, despite increased demand for its memory chips.

“That didn’t take long for Asia to get back on the rally bus,” wrote Stephen Innes, chief global markets strategist for AxiTrader, in a note. “Traders are expecting a significant rewrite in today’s FOMC policy statement when the Fed will, in unambiguous terms, send clear messaging that extraordinary policy settings will remain in place for as long as it takes.”

Fed Chairman Jerome Powell is scheduled to speak Wednesday after the Fed ends its two-day meeting. While no action on interest rates is expected, the Fed chief is expected to offer a reassuring message to investors…

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