Stocks get AI lift, dollar holds steady ahead of Fed decision

Asian equities advanced on Wednesday as renewed enthusiasm for artificial intelligence supported chip and technology shares ahead of results from Alphabet and Microsoft, Business Recorder reported. South Korea’s SK Hynix said quarterly operating profit had risen more than sevenfold, and its shares were last up 1.75% after gaining more earlier in the session. The MSCI Asia-Pacific index excluding Japan climbed 0.85%, while the Nikkei rose 1.2% and the KOSPI gained more than 3%.

Investors are looking for signs that spending on AI infrastructure can generate lasting revenue, while the US dollar stayed near a two-week high at 102.37 as markets awaited the Federal Reserve’s decision later on Wednesday. A steady rate outcome was widely expected, with attention on policymakers’ guidance; meanwhile, Brent crude rose 0.47% to $114.42 a barrel amid the unresolved US-Israeli war with Iran. The report also noted that oil prices and inflation remain in focus for markets.