Stock market today: Asian markets follow Wall St up after Chinese promise to support economy

Asian stock markets have followed Wall Street higher after China’s ruling Communist Party promised to shore up its sagging economy ahead of a Federal Reserve meeting that traders hope will announce this interest rate cycle’s final increase. Shanghai, Hong Kong, Seoul and Sydney advanced. Tokyo declined. Oil prices rose. The Chinese ruling party promised measures to boost economic growth by supporting real estate sales and other struggling sectors but gave no details and didn’t mention possible stimulus spending. Traders expect the Fed on Wednesday to announce another increase in its benchmark lending rate to a 22-year high. But they hope that will be this year’s final increase after inflation that was near multi-decade highs declined.