U.S. President Barack Obama will nominate Federal Reserve Vice Chairwoman Janet Yellen to be the next head of the U.S. central bank on Wednesday, a White House official said on Tuesday.

If confirmed, Yellen would replace Ben Bernanke, whose current term as head of the Fed ends in January. Obama is due to make the announcement at the White House at 3 p.m. (1900 GMT).

Asian markets outside Hong Kong traded higher as market players welcomed US President Barack Obama's decision to name Janet Yellen as the next chairman of the Federal Reserve.

Obama's decision to nominate Yellen boosted investor sentiment across most Asian markets given that she is widely expected to continue outgoing Fed chief Ben Bernanke's pro-growth policies.

Earlier, speaking at a news conference Obama urged House Republicans to approve the US budget and raise the government's borrowing limit. The US government shutdown will enter its ninth day on 9 October.

Presented by Adam Justice

Read more: http://www.ibtimes.co.uk/articles/512516/20131009/stocks-equities-shares-federal-reserve-janet-yellen.htm