Japanese stocks rose for a second day as energy explorers rallied on higher crude oil prices, and as investors await a Federal Reserve decision on U.S. interest rates.
The Topix index added 1 percent to 1,486.72 as of 9:02 a.m. in Tokyo, with all but one of its 33 industry groups rising. The Nikkei 225 Stock Average increased 1.1 percent to 18,379.16. The Fed announces its interest rate review Thursday.
E-mini futures on the Standard & Poor’s 500 Index slipped 0.2 percent after the underlying equity measure rose 0.9 percent on Wednesday, closing at its highest level in four weeks.
Speculation has increased that the Fed will delay a rate increase as China ignited concern that its slowdown could weigh on global growth. While investors remain confident the central bank will raise borrowing costs this year, traders are pricing in a 28 percent chance of action on Thursday, down from 50 percent before China’s currency devaluation last month. Odds of a move at the December meeting are about 64 percent.
Source : Bloomberg