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Asia stocks creep higher on hopes Fed will tone down hikes

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Asian stock markets climbed cautiously on Monday amid hopes that the Federal Reserve might sound less aggressive about rate hikes this week, while wheat prices leapt after Russia withdrew from a pact allowing Ukrainian grain to transit the Black Sea.

“The valuation crunch for a lot of those companies is already done … we’re already getting earnings downgrade, and now the market is starting to look attractive in certain sectors.”

Under the United Nations-backed deal, Turkish, Russian and Ukrainian officials coordinated the movement of ships. No ships moved on Sunday, but the U.N. said it had agreed with Ukraine and Turkey on a movement plan for 16 vessels on Monday. The Fed is all but certain to raise rates by 75 basis points on Wednesday, with markets focused on the communication of the outlook.

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Stocks rally wobbles as Fed hike draws nearAsian stock markets wobbled higher as hopes waned that the U.S. Federal Reserve might take a less aggressive approach on rate hikes, while wheat leapt on Russia’s withdrawal from a pact allowing Ukrainian grain to transit the Black Sea. | Reuters
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