Fed minutes, Bank of Korea decision, Sri Lanka

A woman and a child ride a bicycle past street market stalls in Seoul on October 1, 2021.

Anthony Wallace | AFP |: Getty Images:

Markets in the Asia-Pacific are set to trade higher as the US Federal Reserve officials said they expect to switch to smaller rate hikes “soon,” according to minutes released on Wednesday. The Bank of Korea is expected to deliver a scaled back rate hike of 25 basis points, according to economists polled by Reuters.

The S&P/ASX 200 in Australia rose 0.2% after stocks on Wall Street rose mildly following the Fed minute release. The Nikkei futures contract in Chicago was at 28.355 and its counterpart in Osaka was at 28.350 – higher than the Nikkei 225’s last close at 28,115.74.

Reports of mass protests at Chinese iPhone supplier Foxconn’s factory showed rare signs of dissent in the region of Zhengzhou city, as the country grapples with prolonged Covid restrictions.

Overnight in the US, stocks closed higher for a second day on hopes the central bank is seeing progress in its tightening to tackle high inflation. Markets stateside are closed on Thursday for the Thanksgiving holiday and will close early on Friday.

– CNBC’s Carmen Reinicke and Sarah Min contributed to this report

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