Asian markets moved cautiously higher on Tuesday. Hong Kong's Hang Seng index (+2.55%) posted another strong day, while both the Nikkei (+0.76%) and the Shanghai Composite (+0.25%) closed up ahead of today's FOMC rate decision meeting.
"Everybody's pretty well priced in a cut of 25 basis points, but the key is going to be the contents of the statement afterwards and what sort of future-looking strategic comments they make," said one analyst.
China telcos were big gainers, including China Netcom (CN +3.8%), China Mobile (CHL +3.5%), and China Unicom (CHU, +3.1%). Sony (SNE) gained 2.6% in Tokyo trading, while HSBC (HBC) was up 2.2% in Hong Kong.
NTT (NTT) fell 2% and DoCoMo (DCM) was off 1.6%.
The dollar hit a one-month high against the yen.
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