Asian stock indexes recover; Fed meeting eyed

Markets in Asia were moderately higher on Wednesday, with all attention directed to the Federal Reserve monetary policy meeting.

Hong Kong's Hang Seng Index grew 1.21 percent, with technology, energy and property companies pushing higher. The mainland Shanghai composite rose 0.48 percent. Seoul's Kospi index was up 0.08 percent.

Australia’s S&P/ASX 200 increased 0.27 percent, supported by energy stocks as oil prices extended gains overnight in the light of rising geopolitical tensions in the Middle East.

The Japanese stock markets were closed on Wednesday in observance of the vernal equinox.

On Tuesday, the Dow Jones industrial average added 116.36 points to end at 24,727.27, with Boeing leading advancers. The S&P 500 was up 0.2 percent at 2,716.94, with energy components contributing most gains. The Nasdaq composite rose 0.3 percent to 7,364.30.

The Federal Reserve is expected to raise interest rates for the first time this year by 25 basis points, which would put the benchmark rate in a range between 1.50 and 1.75 percent.

According to Fed funds CME Group’s FedWatch program, market players are currently pricing in a nearly 94 percent chance of a rate hike this week. It would be the first hike of 2018.

<<< Asian Stock Indexes >>>

Australia ASX S&P +13.20 +0.22% 6,054.00

Shanghai Composite +15.64 +0.48% 3,306.28

Hong Kong Hang Seng +381.12 +1.21% 31,931.05

<<< Next in Europe >>>

Focus will turn to fresh employment data in the UK. Average earnings, the claimant count and unemployment rate are all set for publishing as of 09:30 GMT. CBI industrial trends orders for March will be out at 11:00 GMT.

<<< Next in the United States >>>

Market players will be paying attention the release of existing home sales for February at 14:00 GMT and the interest rate decision for March as of 18:00 GMT. Investors will also carefully monitor a speech by Fed Chair Jerome Powell.

FortFS