Asian stocks extend rally before Fed decision

FXStreet (Mumbai) - Asian indices are enjoying significant gains on Thursday, tracking the positive lead overnight from Wall Street while the focus now shifts towards the much-anticipated FOMC statement, which may or may not see US interest rates increased for the first time in nearly a decade.

Australia’s ASX – the front-runner on higher commodities

The benchmark Australian S&P/ASX 200 index is the top performer so far, extends its winning streak for the second straight session, buoyed by higher commodity prices. The energy stocks raced ahead and banks also made solid gains, driving the index 1.28% higher to 5,164 points.

The Japanese benchmark, the Nikkei 225, remained in the positive territory, although gains were capped by a stronger yen and disappointing Japanese trade data. USD/JPY now trades at 120.50, recording a -0.08% loss on the day while the Nikkei gains 0.84% to 18,323 points.

The Chinese indices trade mixed, with the Shanghai Composite erasing early gains to now trades -0.30% lower at 3,142 points while the Hong Kong's benchmark Hang Seng index is up over 0.40% at 22,050. While Korea's benchmark Kospi index gains 0.25% to 1,980 points in Seoul.