Asian stocks up on Fed position to hike rates gradually

Sydney

ASIAN stocks rose after minutes from the most recent Federal Reserve meeting showed policy makers' faith in the world's biggest economy, with officials saying the pace of any rate increases will be gradual.

The MSCI Asia Pacific Index advanced 1.6 per cent to 133.57 at 4:02 pm Hong Kong time. The gauge has rallied 10 per cent from a two-year low in September as investors prepare for the first US interest-rate increase since 2006. In the statement following their October gathering, Fed policy makers made it clear that a rise would be considered at the Dec 15-16 meeting.