Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from global markets overnight, as traders are looking past short-term geopolitical uncertainty to focus on upcoming central bank meetings, with the U.S. Fed scheduled to announce its interest-rate decision later in the day. The escalating war in the Middle East and the resultant spike in crude oil prices continue to weigh on market sentiment. Asian markets closed mixed on Tuesday.
While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to central bank officials' latest projections. Other major banks of the world, including European Central Bank, Bank of England, and Bank of Japan are also set to announce monetary policy decisions later in the week.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.