Asia-Pacific markets rose on Tuesday after Wall Street staged a relief rally overnight on hopes the banking crisis may be easing, following the $3.2 billion takeover of Swiss bank Credit Suisse by rival UBS.
U.S. Federal Reserve’s Federal Open Market Committee meeting kicks off later today stateside, with the central bank expected to approve a quarter-percentage-point interest rate increase, according to market pricing and many Wall Street experts.
In Australia, the S&P/ASX 200 rose 0.82% to close at 6,955.4, while South Korea’s Kospi was up 0.38% to finish at 2,388.35 and the Kosdaq gained marginally to close at 802.53. Markets in Japan are closed for a holiday.
Hong Kong’s Hang Seng index was up 1.45%, with the Hang Seng Tech index 2.62% higher. In mainland China, the Shanghai Composite gained 0.64% to end at 3,255.65, while the Shenzhen Component advanced 1.6% to finish at 11,427.25.
Overnight in the US, stocks rose on Monday night as regional banks rebounded. The Dow Jones Industrial Average closed 1.20% higher, the S&P 500 rose 0.89% and the Nasdaq Composite gained 0.39% at the end of the trading day.
The Federal Reserve chairman this week doused any hope homebuyers had that mortgage rates would soften anytime soon.
Instead, rates jumped above 7% after Jerome...
