Muscat: Asian stocks rose on Wednesday, buoyed by a decline in oil prices after a sharp rally, as investors turned their attention to the US Federal Reserve meeting amid escalating geopolitical tensions in the Middle East. A report published by Singapore's CNA network stated that oil prices fell today, with Brent crude futures dropping 1 percent to $102.28 a barrel and US West Texas Intermediate crude declining 1.6 percent. This provided some relief to Asian stock investors after inflationary pressures related to rising energy costs.
According to Yemen News Agency, the broader MSCI Asia Pacific ex-Japan index rose 1.2 percent, while Japan's Nikkei index climbed 2 percent, supported by widespread buying. Leading Chinese stocks edged up 0.1 percent, and Hong Kong's Hang Seng index rose 0.3 percent.
Markets are awaiting the results of the US Federal Reserve meeting to assess its direction on interest rates and monetary policy, as policymakers seek to strike a delicate balance between supporting economic growth and controlling inflation in a global environment characterized by uncertainty and sharp fluctuations.