Asian equity markets rose for a third session on Wednesday ahead of key risk events in the United States. The Federal Reserve’s monetary policy decision and U.S. second-quarter gross domestic product are due later in the day. Reuters expects a 3 percent annual rise in economic growth while the Fed is seen reducing monthly asset purchases by another $10 billion to $25 billion a month.
“GDP is actively watched by the Federal Open Market Committee (FOMC) and if the figure is growing at a rate higher than official estimates, chatter of rate rises will hit the Street,” said Evan Lucas, market strategist at IG in a morning note.
Concerns over Argentina were also in focus. The government and the court appointed mediator for holdout creditors continued discussions ahead of a Wednesday deadline to avert a debt default.