Asian markets were trading higher on Wednesday, tracking gains on Wall Street, as investors awaited the US Federal Reserve's interest rate decision later in the day.
South Korea's Kospi surged up to 3.7% after chipmaker SK Hynix reported robust third-quarter results, with revenue rising 328% YoY and operating profit jumping 632%.
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Japan's Nikkei 225 rose 1.08%, while the broader Topix index gained 0.58%. Australia's S&P/ASX 200 increased 0.46%.
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Wall Street Ends Higher
US stock markets ended higher overnight, with the Dow Jones Industrial Average rising 0.03%, the S&P 500 gaining 0.60% and the Nasdaq Composite advancing 1.18%, supported by gains in semiconductor stocks.
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Chip stocks rallied after Broadcom announced that a group of banks would provide $63 billion in financing to purchase its chips and networking solutions for leasing to Anthropic, the artificial intelligence company behind Claude.
Broadcom shares rose around 4%, while Advanced Micro Devices (AMD) climbed 5.5% and Micron Technology gained 2.8%.
US Fed Rate Decision Today: What Are Markets Expecting?
Investors are closely watching the US Federal Reserve's monetary policy decision due later on Wednesday. The central bank is widely expected to keep its benchmark interest rate unchanged at a target range of 3.75% to 4%.
At its September meeting, the Fed raised interest rates by 25 basis points. Investors will now assess the policy statement and Chair Kevin Warsh's comments for clues about the future direction of US monetary policy.
According to the CME FedWatch tool, markets are pricing in approximately a 92% probability that the Fed will maintain the current interest rate range.
However, some investors expect a hawkish policy outlook, with the possibility of further rate hikes in upcoming meetings remaining a concern.
The Fed's decision and forward guidance could influence global bond yields, the US dollar, emerging-market capital flows and equity valuations, keeping investors focused on the policy announcement for cues on the broader market outlook.
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