Asian stock markets rise

Asia-Pacific stocks rose as investors ignored the U.S. Federal Reserve’s pledge for higher interest rates to combat inflation. Mainland China’s Shenzhen Composite rose 2.42 percent, while the Shanghai Composite rose 1.03 percent. Hong Kong’s Hang Seng index rose 1.60 percent, paring earlier gains of more than 2 percent as investors digested a recovery in China’s Caixin services Purchasing Managers’ Index for December. Hong Kong’s S&P Purchasing Managers’ Index pointed to an easing in the private sector contraction. Australia’s S&P/ASX 200 rose 0.669 percent. In Japan, the Nikkei 225 rose 0.68 percent in first-hour trading, while the Topix added 0.16 percent. The Kospi rose 0.49 percent and the Kosdaq was slightly higher. Singapore’s November retail sales are scheduled to be released later in the day. Overnight on Wall Street, stocks snapped a two-day losing streak after minutes from the Federal Reserve's December meeting on Wednesday showed that high interest rates will remain in place as long as inflation remains high.