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HONG KONG (AP) — Asian shares were mostly higher Wednesday despite losses on Wall Street, as investors await the Federal Reserve’s decision on interest rates, with high expectations of a rate hike . U.S. futures also edged higher. There is widespread expectation that the Fed will hike rates Wednesday for the first time in three years as inflation remains elevated in the U.S. and above the Fed’s target. Japan’s Nikkei 225 gained 0.4% to 63,721.89, despite official data showing that Japan recorded a fourth consecutive month of trade deficit in August. South Korea’s Kospi rose 1.3% to 6,711.62.
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The yields on government bonds have risen as the Iran war-caused energy crisis added to inflationary pressure while the U.S.’s national debt grew . Oil prices stabilized early Wednesday after rising on Tuesday as tensions dragged on between the U.S. and Iran, and as Saudi Arabia’s crucial oil pipeline closure added pressure on global oil supply.
