Asian shares rally, reassured by Turkish rate hike

Asian markets rallied on Wednesday after Turkey stunned investors with a huge hike in interest rates, stirring hopes the drastic action would short-circuit a vicious cycle of selling in emerging markets and revive risk appetite generally. The bold move even managed to overshadow the U.S. Federal Reserve's meeting at which it is widely expected to trim its asset buying program by another $10 billion a month. S&P 500 e-mini futures climbed 0.5 percent and Japan's Nikkei (NIK:^9452) jumped 1.7 percent as safe havens such as the yen and gold all eased. MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.5 percent after three sessions of falls.

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