Asia Stocks Eye Gains; Treasuries Sink on Fed Bets: Markets Wrap

-- Asian stocks are set for mild gains after US equities struggled and Treasuries slumped following data reinforcing the case for the Federal Reserve to keep interest rates higher for longer. Oil climbed as the Israel-Hamas conflict intensified.Futures for benchmarks in Australia and Japan pointed to gains of about 0.3%, while those for Hong Kong were little changed. The S&P 500 erased gains Tuesday, with Nvidia Corp.

Traders also kept a close eye on the latest geopolitical events. Arab leaders canceled a meeting with Joe Biden after reports of a blast at a hospital in Gaza, as the US President prepares to arrive in Israel as a show of solidarity after the Oct. 7 attack by Hamas — which is designated a terrorist organization by the US and European Union. Oil climbed 1.3% in early Asia trading.

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