Asian Futures Advance Before Fed After U.S. Stocks Rally

Asian equity futures tracked gains in U.S. stocks while the yen held declines against most major currencies as investors assessed prospects for less economic stimulus before this week’s Federal Reserve meeting. Treasuries dropped and natural gas rebounded.

The Standard & Poor’s 500 Index closed 0.8 percent higher at 1,639.04 in New York, trimming an earlier advance of as much as 1.2 percent. Futures on the Nikkei 225 Stock Average were little changed, after the index jumped 2.7 percent yesterday, while contracts on Hong Kong’s Hang Seng Index added 0.4 percent. S&P/ASX 200 futures expiring this month gained 0.2 percent. Japan’s currency depreciated against 14 of 16 major peers after surging versus the dollar last week. Yields on 10-year Treasuries rose five basis points to 2.18 percent.