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  • Writer's pictureBy The Financial District

Asian Stocks Up, Fed Prepares Next Rate Hike

Asian stock markets followed Wall Street higher on Tuesday, Mar. 21, 2023, ahead of a Federal Reserve decision on another possible interest rate hike amid worries about global banks, Joe McDonald reported for the Associated Press (AP).

Photo Insert: New Zealand declined while Southeast Asian markets rose.

Shanghai, Hong Kong and Seoul advanced. Japanese markets were closed for a holiday. Oil prices declined.

Wall Street’s benchmark S&P 500 index rose 0.9% on Monday after US, European and Japanese central banks announced measures to ease strains on the financial system, including lending more dollars if necessary.

The Shanghai Composite Index gained 0.2% to 3,240.61 and the Hang Seng in Hong Kong advanced 0.4% to 19,075.79. The Kospi in Seoul rose 0.4% to 2,389.19 and Sydney’s S&P-ASX 200 surged 1.2% to 6,979.00. New Zealand declined while Southeast Asian markets rose.

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