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BANGKOK (AP) — Asian shares were mostly higher Thursday ahead of an update on U.S. consumer inflation and a meeting of oil producers in Vienna.
Benchmarks rose in Hong Kong, Tokyo and Shanghai. They fell in Seoul and Bangkok. U.S. futures rose while oil prices slipped.
Later Thursday, the U.S. government is due to release its October data on the Federal Reserve’s preferred measure of inflation. Economists expect that measure to continue easing, as it has been since the middle of 2022. The Federal Reserve is expected to keep its benchmark interest rate steady when it meets in December and to eventually begin paring rates down if inflation remains under control.
Wall Street got the encouraging news Wednesday that t he U.S. economy grew at a brisk 5.2% annual pace from July through September, an upgrade from the earlier estimate of 4.9%. Consumer spending, the lifeblood of the economy, rose at a 3.6% annual rate from July through September. That’s still healthy, but a downgrade from the previous estimate of 4%.
The prospect of a potential easing of interest rates has relaxed upward pressure on the U.S. dollar, allowing currencies like the Japanese yen to gain. That could relieve inflationary pressures that have cast the Bank of Japan's longstanding lax monetary policy into question.
In Asia, Tokyo's Nikkei 225 edged 0.1% higher, to 33,344.48, while the Hang Seng in Hong Kong was up 0.2% at 17,024.43. The Shanghai Composite index added 0.2% to 3,026.43.
South Korea's Kospi was flat at 2,520.14. In Australia, the S&P/ASX 200 advanced 0.4% to 7,062.90. In Bangkok, the SET fell 0.4%. India's Sensex lost 0.3% and Taiwan's Taiex edged 0.1% higher.
The members of OPEC+, whose oil income props up their economies, are due Thursday to try to forge a consensus on production cuts after postponing a meeting originally set for Sunday.
U.S. benchmark crude oil was down 5 cents at $77.81 a barrel in electronic trading on the New York Mercantile Exchange. It gained $1.45 on Wednesday to $77.86 a barrel.
Brent crude, the international standard, added 2 cents to $82.90 a barrel.
On Wednesday, Wall Street capped a choppy day of trading with a mixed finish as a late-afternoon pullback among several Big Tech companies offset gains elsewhere in the market.
The S&P 500 closed 0.1% lower, at 4,550.58, after having been up by 0.7% earlier in the day. The Dow Jones Industrial Average had been up 0.5% before finishing with a gain of just 0.1%, at 35,430.42. The tech-heavy Nasdaq composite fell 0.2% to 14,258.49.
Facebook parent company Meta fell 2%, Google’s parent company Alphabet gave up 1.6% and Microsoft dropped 1%.