Asian Market Update : Epic Research Malaysia

Asian equities joined a global rebound as the Federal Reserve's decision approached, while the dollar weakened against most major currencies and oil resumed declines.

The region's stocks rallied from their lowest level since the start of October, with Hong Kong's Hang Seng Index climbing 2 per cent to snap its longest losing streak since 1984. The greenback slipped versus the Korean won and euro amid concern the currency's climb in the run-up to the rate decision leaves it vulnerable to a short-term pullback. Crude slid 1.3 per cent, and bonds from Japan to Australia retreated.

"Markets had time to prepare for this day, with investors winding back risk ahead of the event," Tim Schroeders, a portfolio manager who helps oversee about US$1 billion in equities at Pengana Capital in Melbourne, said by phone.

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