Asia stocks gain on hopes for China stimulus, Fed pause

Asian-Pacific stock markets rose sharply due to positive sentiment from expected stimulus from China. MSCI’s broadest index went up by 0.7%. Meanwhile, China’s benchmark equity index increased 0.3%, and Hong Kong’s Hang Seng index added 1.2%. In contrast, Japan’s Nikkei dropped 1.1%. The US S&P 500 ended higher on Tuesday, supported by strengthening bets that the Federal Reserve would hold interest rates steady at its policy meeting next week. Oil prices stabilized after Saudi Arabia pledged to deepen output cuts, offsetting demand concerns due to slow global economic growth. The gold price was slightly higher, trading at $1,965.19 per ounce.