Asian Shares Mostly Higher Ahead Of Fed Decision

(RTTNews) - Asian stocks edged higher on Wednesday after reports suggested that Iran will likely file a revised proposal for ending the war to Pakistani mediators in the coming days. Investors also awaited cues from big tech earnings and Jerome Powell's final FOMC meeting as Fed chair.

The Fed is widely expected to keep interest rates steady later today due to lack of data confirming an inflationary shock.

Gold edged lower in Asian trading, drifting to around $4,570 an ounce as the dollar firmed and Brent crude prices remained elevated above $113 a barrel on mounting uncertainty around global supply.

China's Shanghai Composite index surged 0.71 percent to 4,107.51 even as shares of Baidu and other robotaxi firms fell on reports of Beijing suspending approvals for new autonomous driving permits.

Hong Kong's Hang Seng index rallied 1.68 percent to 26,111.84, with lithium battery stocks performing well.

Japanese markets were closed for a public holiday. Seoul stocks scaled a new peak on revived hopes for the artificial-intelligence boom after the Financial Times reported that investors are betting on a prolonged boom for memory chipmakers amid continued AI demand.

The Kospi average recovered opening losses to close 0.75 percent higher at 6,690.90, marking a new record high and extending gains for a third consecutive session.

Memory chipmaker Samsung Electronics rose 1.8 percent and AI investment firm SK Square rallied 2.3 percent.

Australian markets ended slightly lower despite inflation surprising to the downside and easing pressure on the Reserve Bank ahead of next week's crucial interest-rate decision.

The benchmark S&P/ASX 200 dropped 0.27 percent to 8,687, while the broader All Ordinaries index closed 0.22 percent lower at 8,915.70.

Ooh!Media shares soared 33 percent after the outdoor advertising company said it is evaluating a takeover bid from Pacific Equity Partners.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index finished marginally higher at 12,770.30 after a choppy session.

U.S. stocks ended mostly lower overnight after reports emerged that OpenAI recently missed its own targets for new users and revenue.

Rising oil prices and inflation worries amid an ongoing stalemate in the Middle East conflict also contributed to the sell-off.

President Trump showed little enthusiasm for a new proposal from Iran to end the war and claimed that the country is in a "state of collapse" and was figuring out its leadership situation.

Iran said the U.S. is no longer in a position to dictate policy to other nations. The tech-heavy Nasdaq Composite gave up 0.9 percent, the S&P 500 declined half a percent and the narrower Dow finished marginally lower.