Asian stocks rose, following a rally in U.S. equities, as investors sifted through the latest data on the world’s biggest economy before the Federal Reserve’s decision on interest rates.

The MSCI Asia Pacific Index climbed 0.6 percent to 127.35 as of 9:01 a.m. in Tokyo, with consumer and material shares leading gains. The Standard & Poor’s 500 Index advanced 1.3 percent on Tuesday as a report showed retail sales climbed for a second straight month, a sign shoppers may be looking past recent volatility in financial markets. The Fed is about to decide whether the economy can withstand higher borrowing costs, with odds on a rate hike on Thursday holding at 28 percent. That’s down from more than 50 percent before China roiled global markets by devaluing the yuan.

Japan’s Topix index rose 1 percent. South Korea’s Kospi index increased 0.6 percent. Australia’s S&P/ASX 200 Index added 0.5 percent. New Zealand’s NZX 50 Index gained 0.3 percent. Markets in China and Hong Kong have yet to start trading.

The Shanghai Composite Index sank 3.5 percent on Tuesday, bringing its two-day loss to 6.1 percent, amid concern government measures to support the world’s second-largest equity market and economy are failing.

E-mini futures on the Standard & Poor’s 500 Index slipped 0.1 percent on Wednesday.

Source: Bloomberg