Asian stock markets rise

Markets in Asia-Pacific traded higher as the Fed signaled more rate hikes ahead. The U.S. ADP special payrolls report said employers added 235,000 jobs in December, reflecting a strong labor market despite the Fed’s attempt to rein in inflation and suggesting room for higher rates. South Korea’s Kospi rose 1.3 percent to lead gains in the region, with Australia’s S&P/ASX 200 up 0.54 percent. Japan’s Nikkei 225 added 0.68 percent and the Topix added 0.5 percent. Hong Kong’s Hang Seng index rose 0.49 percent as China announced additional supportive measures for its property sector. The Shanghai Composite added 0.37 percent and the Shenzhen Composite added 0.83 percent.