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Asian Markets rose on Wednesday after the benchmark S&P 500 closed at another record high after reports the US economy grew at an unexpectedly strong 4.3% annual rate from July to September.
The US government’s first estimate of third-quarter growth showed inflation remained high, while a separate report said consumer confidence fell further in December. The US economy grew at a 3.8% annual pace in April-June.
Trading in Asia remained subdued on Thursday as many global markets remained closed on the occasion of Christmas. Christmas Eve markets in the US will close early on Wednesday and will be closed for Christmas.
Tokyo’s Nikkei 225 was unchanged at 50,411.10 and South Korea’s Kospi slipped 0.1% to 4,113.83.
In Chinese markets, Hong Kong’s Hang Seng rose 0.2% to 25,818.93. The Shanghai Composite Index rose 0.2% to 3,929.25.
In Australia, the S&P/ASX 200 slipped about 0.4% to 8,762.70.
in the markets hong kong And Australia closed early because of Christmas Eve.
While Taiwan’s Taiex gained less than 0.1% Sensex India gained 0.1%.
Sleep And silver extended its rally after hitting a record high this week as geopolitical tensions escalated. Gold rose 0.4% to $4,525.50 an ounce early Wednesday, giving a gain of nearly 70% for the year. Silver rose 1.8%.
US futures fell early on Wednesday.
On Tuesday, big gains in tech stocks pushed the S&P 500 up 0.5%, even as most stocks in the index declined. It closed at 6,909.79. The Dow Jones Industrial Average rose 0.2% to 48,442.41, while the Nasdaq Composite added 0.6% to 23,561.84.
Nvidia advanced 3% and Google’s parent company Alphabet advanced 1.5%.
Novo Nordisk jumped 7.3% after U.S. regulators approved a pill version of weight-loss drug Vegovy, the first daily oral drug to treat obesity.
The government’s update on the economy showed that inflation is higher than the central bank expected. The Federal Reserve’s preferred inflation gauge — called the personal consumption expenditures index, or PCE — climbed to a 2.8% annual pace last quarter, up from 2.1% in the second quarter.
on wednesday labor department Will release its weekly data on applications for jobless benefits, which stands as a proxy for US layoffs.
Investors are betting that the Fed will keep interest rates steady at its January meeting. Recent reports show high inflation and shaky confidence among consumers worried about higher prices. The labor market is slowing and retail sales have weakened.
In other deals early Wednesday, the dollar continued to slide against the Japanese yen after officials said they may intervene with excessive yen swings. The dollar was trading at 155.96 yen, down from 156.17 yen on Wednesday.
The euro fell to $1.1793 from $1.1796.
Oil prices edged higher as traders monitored the risks of supply disruptions in Venezuela and Russia.
U.S. benchmark crude oil rose 7 cents to $58.45 a barrel. Brent crude rose 3 cents to $61.90 a barrel.
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AP Business Writer Damien J. Trois contributed to this story.