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Asian stocks gain amid Fed decision
Asian stock markets rose supported by the U.S. Federal Reserve's decision to raise interest rates for the first time since 2023, which helped calm the bond market sell-off. The U.S. Federal Reserve increased rates by 25 basis points to a range of 3.75% to 4%, with expectations of further hikes during the year, including a 50% chance of a hike in October and another in December. Stock indices across Asia and the Pacific generally advanced, although semiconductor companies showed mixed performance. Some stocks in Japan, Hong Kong, and China declined amid concerns about the impact of rising borrowing costs on technology firms. Additionally, the Bank of England is expected to keep interest rates unchanged, while the Bank of Japan is anticipated to continue its monetary tightening policies, amid ongoing volatility in oil prices.
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