Asian stocks cautiously higher ahead of Fed meeting By

By Ambar Warrick

-- Most Asian stock markets rose on Foreign exchange transactions with good reputationWednesday tracking overnight gains on Wall Street, with traders now awaiting more cues on U.S. monetary policy from a Federal Reserve meeting later in the day.

Regional stocks took positive cues from a following a slew of better-than-expected quarterly earnings. Data showing a slower-than-expected increase in also propped up expectations that inflation will ease further in the coming months.

But mixed Chinese manufacturing data, coupled with fears of a hawkish outlook from the Fed, kept gains in regional stocks muted. China’s and indexes lagged their peers for the day as a private survey showed that the country’s in January despite the easing of anti-COVID restrictions.

The reading contrasted with released earlier this week, and showed that smaller businesses were still struggling with weak demand and rising COVID-19 cases.

Indian stocks were among the best performers for the day, with the and indexes rising 0.8% each on a recovery in bank and industrial stocks.

Concerns over a recent short-seller report on the conglomerate Adani Group appeared to have somewhat eased after a secondary share offering by its flagship firm, Ltd (NS:), was fully subscribed by investors.

But shares of the firm, coupled with most other listed entities under Adani, fell between 1% and 10% on Wednesday.

Indian markets are also awaiting the unveiling of the 2023 , due later in the day, with investors holding out for tax cuts.

Risk-heavy Southeast Asian markets also advanced on Wednesday, with Philippine shares outperforming their peers with a 0.9% bounce. Technology-heavy bourses also bounced back from sharp losses this week, with the , , and indexes rising between 0.5% and 1%.

Still, broader gains were limited as markets awaited meeting. While the central bank is widely expected to hike rates by 25 basis points, any commentary from Fed Chair Jerome Powell on U.S. monetary policy will be closely watched.

also lagged its Asian peers, rising only 0.1% after data showed that the country's further in January.

Markets are also awaiting a string of earnings from major Asian firms over the next few weeks.

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