Asian stocks mostly higher ahead of Fed decision

Asian shares are mostly higher as investors await the Federal Reserve’s decision with high expectations of an interest rate hike. U.S. futures have also edged higher. There is widespread expectation that the Fed will hike rates on Wednesday for the first time in three years as inflation remains elevated and above the Fed’s target. In Asia, artificial intelligence-related stocks are volatile following U.S. AI leaders’ calls to slow development to ensure safety.

Oil prices stabilized early Wednesday, as tensions dragged on between the U.S. and Iran and as Saudi Arabia’s crucial oil pipeline closure added pressure on the global oil supply. On Tuesday, Wall Street’s S&P 500 fell 0.5%. The Dow Jones Industrial Average lost 0.6%, and the Nasdaq composite dropped 0.8%.

Read the original report at Apnews.