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Asian Stocks Rise After Summers Withdraws Name From Fed Chief Consideration

Asian stocks rose after Lawrence Summers withdrew his name from consideration for Federal Reserve Chairman.

Investors cheered the news as Summers is seen as more hawkish than current Fed chief Ben Bernanke. This leave Fed Vice Chair Janet Yellen as the front-runner for the job, now. She is seen as a dove who would continue Bernanke's easy money policy.

On Tuesday, the Federal Open Market Committee meets for a two-day policy meeting. Most economists expect the FOMC to reduce slightly its bond-purchasing program.

For now, the U.S. also is withholding action against Syria. U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov agreed on a framework for finding, securing and destroying Syrian President Bashar al-Assad's stock of poison gas. The deal calls for early signs of progress, giving Assad one week to submit an inventory of his toxic weapons, and calls for initial inspections in Syria by November.

Around the region, New Zealand's national median home price totaled 390,000 New Zealand dollars (US$320,000) in August, up from NZ$385,000 in July. The number of homes sold nationwide totaled 6,548 in August, up 8.5% on the year but down 3.4% on the month amid a continuing lack of listings.

In ADR news, China Telecom ( CHA ) is reducing customer subsidies on Apple's ( AAPL ) iPhone 5S, thus making it more expensive than the iPhone 5, according to the Wall Street Journal.

Japanese markets were closed for a holiday.

The Hang Seng ended up 1.5% at 23252.41 and the Straits Times up 1.9% at 3,179.48.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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