HONG KONG (AFP) – Asian markets were mostly higher Wednesday following better-than-expected US economic growth data and news that Germany had narrowly averted recession.
The dollar struggled to resume its uptrend against the yen, with analysts forecasting the pairing were close to finding their plateau.
Tokyo dipped 0.14 per cent, or 24.04 points, to 17,383.58 but Sydney rallied 1.15 per cent, or 61.4 points, to 5,396.2 and Seoul was slightly higher, edging up 0.63 points to close at 1,980.84.
Hong Kong added 1.12 per cent, or 268.07 points, to 24,111.98 and Shanghai gained 1.43 per cent, or 36.74 points, to 2,604.34.
The gains came despite a weak lead from Wall Street, where the Dow and S&P 500 retreated slightly from record highs.
The US Commerce Department said third-quarter growth came in at to 3.9 per cent, up from a previous estimate of 3.5 per cent and easily beating expectations for 3.2 per cent expansion.
The figures are the latest showing the world’s number one economy is on a healthy recovery track, while those in the eurozone and Japan struggle. However, there was some negative news, with the Conference Board saying consumer confidence dipped in November compared with October. On Wall Street the Dow edged down 0.02 per cent and the S&P 500 retreated 0.12 per cent. However, the Nasdaq added 0.07 per cent. Also Tuesday, Germany released figures showing the eurozone’s biggest economy expanded 0.1 per cent in July-September thanks to higher household and government spending. The data, which comes a day after the first pick-up in business confidence for seven months, means it avoided recession after shrinking 0.1 per
Gold was at $1,195.70 an ounce, compared with $1,200.71 late Tuesday.