Wednesday, 30 November 2016

Asia Stocks edge up on US growth Data Cues

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Asian stocks edged higher on Wednesday reflecting upbeat US growth news while oil steadied after a sharp drop overnight as OPEC struggled to agree on a glut-draining production cut. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent in early trades. It is poised to post a second consecutive monthly loss. 

Early action in Asian stocks was just as guarded with Australia down 0.16 percent , the Nikkei flat and South Korea up 0.2 percent. In currency markets, the dollar consolidated recent gains against a trade-weighted basket of its peers with investors looking to buy on dips after strong data. 

The US economy grew faster than initially thought in the third quarter, notching its best performance in two years. The relatively upbeat data pushed major US stock indices higher with major benchmarks closing between 0.2 to 0.6 percent up. Stock futures edged higher in Asia.

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