Japan stocks set to rise as investors await Fed decision, watch China’s Covid situation

Japan stocks set to rise as investors await Fed decision, watch China’s Covid situation

SINGAPORE — Shares in Asia-Pacific rose in Wednesday morning trade following gains on Wall Street, as investors watch for developments around the Covid situation in China as well as the upcoming rate decision by the U.S. . In Japan, the climbed 0.84% while the Topix index gained 0.95%. South Korea's advanced 0.86%. Australia's rose 0.45%. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.29% higher. Investors will monitor moves in Chinese stocks on Wednesday after they . The in Hong Kong tumbled nearly 6% to close at its lowest since Feb. 2016. That comes as China grapples with its , with major cities scrambling to limit business activity. Oil prices were lower in the morning of Asia trading hours, following yet . International benchmark slipped 0.78% to $99.13 per barrel. also declined, shedding 0.9% to $95.57 per barrel. Overnight stateside, the Dow Jones Industrial Average jumped 599.10 points, or 1.82%, to 33,544.34. The S&P 500 index climbed 2.14% to 4,262.45 while the tech-heavy Nasdaq Composite surged 2.92% to 12,948.62. The U.S. Federal Reserve is set to announce its latest interest rate decision Wednesday stateside. The central bank is widely expected to raise rates by a quarter point, its first