Asian Shares Rise On Fed Optimism

Asian stocks rose broadly on Wednesday amid expectations that the U.S. Federal Reserve could ease the pace of rate increases, citing slowing wage and inflation growth.

The upside, however, remained capped by a slew of disappointing U.S. earnings reports released after market close on Tuesday as well as data showing hotter-than-expected inflation in Australia.

Trading volumes were thin as markets in Taiwan, China and Hong Kong remained closed for the Lunar New Year holidays.

The U.S. dollar index traded weak and U.S. crude oil prices held steady near $80 a barrel while gold prices dipped after reaching a nine-month peak in the previous session.

Japanese stocks ended modestly higher in choppy trading as investors awaited cues from the corporate earnings season.