Asia Markets Higher Ahead Of Fed Rates Decision

Asian stock markets were mostly higher Tuesday, June 13, 2023, ahead of a US inflation update and a Federal Reserve decision on another possible interest rate hike, Joe McDonald reported for the Associated Press (AP).

Photo Insert: New Zealand, Bangkok and Indonesia advanced.

Shanghai declined while Tokyo and Hong Kong advanced. Oil prices rebounded from Monday’s plunge.

Wall Street’s benchmark S&P 500 index rose 0.9% to a 14-month high ahead of the release of US inflation figure Tuesday. Forecasters expect it to show inflation eased in May but still was double the Fed’s 2% target despite interest rate hikes to cool business activity.

The Nikkei 225 in Tokyo surged 1.8% to 33,018.65 and the Hang Seng in Hong Kong advanced 0.5% to 19,495.06.

The Kospi in South Korea added 0.2% to 2,635.28 and Sydney’s S&P-ASX 200 was 0.2% higher at 7,135.30. New Zealand, Bangkok and Indonesia advanced. Singapore declined.

On Wall Street, the S&P 500 rose Monday to 4,338.93 and its highest close since April 2022. The Dow Jones Industrial Average gained 0.6% to 34,066.33. The Nasdaq composite rallied 1.5% to 13,461.92.

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