In Asian Equity Markets stocks climbed on Wednesday, led by Chinese stocks on reopening hopes, while the dollar sagged as investors braced for the U.S. Fed’s policy decision later in the day, with many hoping for signs of a slowdown in future rate hikes. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.8 percent after wobbling earlier in the day, with Chinese bluechips and Hong Kong stocks reversing losses on hopes that China will ease its tough zero-COVID restrictions. Hang Seng index rose 2.5 percent, after a whopping 5.2 percent in the previous session. Japan’s Nikkei lost 0.1 percent.

In Currency Markets the U.S. dollar fell from near a one-week peak versus major peers on Wednesday, with traders on tenterhooks before a looming Federal Reserve rate decision that should also give clues on the future policy path. The dollar index eased 0.14 percent to 111.32. The dollar was last down 0.44 percent at 147.575 yen. Meanwhile, the euro edged up 0.14 percent to $0.9887. Sterling rose 0.24 percent to $1.1513, but remained not far from Tuesday’s one-week low of $1.14365. The Aussie advanced 0.43 percent to $0.6421, The kiwi dollar rose 0.46 percent to $0.5866.

In US Equity Markets stocks closed lower for a second straight session on Tuesday after data indicating that the labor market remained on solid ground dimmed hopes the Federal Reserve might have enough reason to begin reducing the size of its interest rate hikes. The Dow fell 0.24 percent, to 32,653.2, the S&P 500 lost 0.41 percent, to 3,856.1 and the Nasdaq Composite fell 0.89 percent, to 10,890.85. Uber Technologies rose 11.97 percent after giving an upbeat fourth-quarter profit view that also lifted shares of its peers Lyft Inc, up 3.48 percent and DoorDash, up 3.61 percent.

In Commodities Markets oil prices rose on Tuesday, recouping losses from the previous session, on optimism that China, the world’s second-largest oil consumer, could reopen from strict COVID curbs. Brent crude for January delivery rose 2 percent, to settle at $94.65 a barrel. U.S. WTI crude rose 2.1 percent, to $88.37 after falling 1.6 percent in the previous session. Spot gold rose 0.9 percent to $1,647.24 per ounce. Meanwhile, spot silver rose 2.6 percent to $19.64 per ounce. Platinum climbed 2.2 percent to $945.93, while palladium advanced 2.3 percent to $1,883.13.

In European Equity Markets stocks gained on Tuesday, starting November on an upbeat note amid growing hopes that the U.S. Federal Reserve would slow down the pace of its interest rate hikes. The pan-European STOXX 600 index rose 0.6 percent to hit a near seven-week closing high, with miners and retailers leading the gains. Luxury giants including LVMH, Kering, Pernod Ricard and Hermes International advanced between 1.9 percent and 3.0 percent. Miners leapt 3.4 percent, while oil & gas stocks added 1.7 percent, as prices of oil and industrial metals rose against a weak dollar.

In Bond Markets treasury yields rebounded on Tuesday after data pointed to a still strong economy and dampened speculation the Federal Reserve might signal a slower pace of raising interest rates this week. The yield on 10-year notes fell 2.7 basis points to 4.050 percent, while the two-year yield, which typically moves in step with rate expectations, was up 5.2 basis points at 4.553 percent. Thirty-year Treasury bond fell 9.8 basis points to 4.108 percent. The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) was last at 2.67 percent.