Asian stocks mixed ahead of Fed rates decision; oil soars

Asian stocks mixed ahead of Fed rates decision; oil soars

BEIJING (AP) — Asian markets were mixed Monday ahead of a Federal Reserve meeting that is widely expected to raise U.S. interest rates and oil prices soared after producers agreed to reduce output.

The Fed has kept rates close to zero since the 2008 global crisis but its leaders have indicated the U.S. economy has strengthened enough to start gradually returning to normal policy.

The election of Donald Trump, who has promised tax cuts and higher spending, has raised questions about whether the Fed will delay future moves to see how that plays out.

The club of major oil exporters persuaded 11 non-members to cut oil production, a move aimed at draining a worldwide oil glut and boosting low prices that have squeezed government finances in Russia and Saudi Arabia.

The opposition-controlled legislature passed an impeachment motion Friday against President Park Geun-hye following accusations by prosecutors that she colluded with a longtime friend to extort money and favors from South Korea's biggest companies and gave that confidante influence over government decisions.

Big gains went to companies that have been mostly left out of the post-election rally, including health care companies and makers of household goods.