Asian stocks rise as investors await Fed decision

BEIJING — Asian stock markets followed Wall Street higher on Tuesday ahead of a Federal Reserve decision on another possible interest rate hike amid worries about global banks.

Shanghai, Hong Kong and Seoul advanced. Japanese markets were closed for a holiday. Oil prices declined. Traders expect the Fed to go ahead with another rate hike Wednesday but think it might be held to 0.25 percentage points, down from the 0.5 points previously expected. On Wall Street, the S&P 500 SPX rose to 3,951.57. The Dow Jones Industrial Average DJIA gained 1.2% to 32,244.58. The Nasdaq Composite COMP added 0.4% to 11,675.54.

First Republic Bank FRC has been at the center of investors’ crosshairs in the hunt for the industry’s next victim. Its shares fell 47.1% after S&P Global Ratings cut its credit rating for the second time in a week.

Asia sets the markets

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