Asian Market Update : Epic Research Malaysia

Asian stocks rose, with the regional equities benchmark gauge rebounding from a seven-week low, after a surge in US home sales fueled speculation the world's biggest economy can withstand higher interest rates.

The MSCI Asia Pacific Index climbed 0.8 per cent to 125.95 as of 9:03 am in Tokyo after closing on Tuesday at the lowest level since April 6.

Japan's Topix index added 1.6 per cent as the yen traded at 110.15 per US dollar after falling 0.7 per cent Tuesday. A report showed US new-home sales in April surged to the highest level in more than eight years.

Odds for a Federal Reserve rate increase in June rose to 34 per cent from 4 per cent last Monday, with traders now expecting a better-than-even chance of an increase by July.

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