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Asian Stocks Follow Wall Street Higher ahead of Fed Meeting

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Asian stocks rose on Tuesday, tracking Wall Streets advance to record highs, as investors anticipated the U.S. Federal Reserve and other central banks meeting this week will keep policies accommodative to help drive a postpandemic global economic recovery.

European shares looked set to extend the global rally, with panregion Euro Stoxx 50 futures up 0.2 and FTSE futures 0.5 higher in early deals. On Monday, the STOXX 600 index touched its highest level in more than a year before ending flat. Emini futures for the SP 500 edged up 0.04.

An index of AsiaPacific share markets excluding Japan strengthened 0.69, led by a 1.2 jump in Australias benchmark SPASX 200 index.

Japans Nikkei 225 gained 0.5 to just below the closely watched 30,000 mark, while the broader Topix added 0.65.

Chinas blue chip CSI 300 index climbed 0.55, and Hong Kongs Hang Seng gained 0.46.

The rally in stocks has to do with expectations that as we hear from central banks this week, theyll be reiterating a message theyve already made clear, which is they are unconcerned about the inflation outlook, said Michael McCarthy, chief markets strategist at CMC Markets in Sydney.

Whether or not that will last is a key question. Weve seen sentiment reverse sharply several times over the past two or three weeks, particularly in bond markets. But for right now, the sun is shining and equity gains reflect that.

On Monday, the SP 500 and Dow Jones Industrial Average both soared on gains in travel stocks as mass…

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