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Asian stocks rise, treasuries fluctuate

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Asian stocks outside China climbed and treasuries traded in the narrowest range in more than a week before the Federal Reserve decides monetary policy. Nickel extended a rally that saw it enter a bull market yesterday and oil dropped. 

The MSCI Asia Pacific Index gained 0.2% by 2:24pm in Tokyo, as Japanese shares reversed a drop. A measure of Chinese shares in Shanghai and Shenzhen slid 1.3%. Standard & Poor’s 500 Index futures were little changed. Nickel advanced 0.3% to $16,243 a tonne, near the highest price since April. Oil decreased 0.3% as US crude supplies rose. Benchmark 10-year Treasury yields traded in a range of four basis points, the least since March 11. Thailand’s baht held near a three-month high as the government lifted an emergency order.

The Fed will press on with cuts to its bond buying program and switch to qualitative guidance for assessing interest rates, according to economists surveyed by Bloomberg before a two-day meeting that ends today. Chinese lenders and developers declined after a private builder collapsed as the government allows market forces to play a greater role in the world’s second- largest economy. Russian Vladimir Putin told lawmakers he didn’t intend to further divide Ukraine as the U.S. and U.K. pushed for more sanctions.

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