Asian Markets Rally Ahead of Fed's Final Meeting, US Inflation Data

Hong Kong stocks led gains in Asia-Pacific markets ahead of the final U.S. Federal Reserve meeting of the year. The Fed is expected to maintain the Federal Funds rate steady. Producer prices in Japan rose faster than expected, while India's Nifty 50 index hit a record high. Philippine exports declined at their fastest pace in six months, and the trade deficit widened. Analysts are bullish on energy stocks, and Japan's producer prices rose faster than expected in November. The S&P 500 hit a new high for 2023, and more than 50 S&P 500 companies made fresh 52-week highs. Expectations for inflation over the next year hit their lowest level in more than 2½ years, and crypto stocks slid. Oil prices remained largely flat amid growing production and softening demand.