Asian stocks set to mostly rise after Fed projects US GDP surge

Asian stocks were set for modest gains on Thursday after the Federal Reserve pledged to keep monetary policy and rates unchanged and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.

Japan's Nikkei 225 futures added 0.12per cent, while Hong Kong's Hang Seng index futures rose 0.68per cent.Australia's S&P/ASX 200 index, however, dipped 0.1per cent in early trading while E-mini futures for the S&P 500 rose 0.08per cent. "If the Fed isn’t going to induce tightening, it’s very bullish for risky assets," said Teresa Kong, head of fixed income and portfolio manager at Matthews Asia."We should be seeing a mild rally in Asian assets and currencies."

The Nasdaq Composite climbed 0.4per cent and remains down about 4per cent from its Feb. 12 record-high close.

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