Asian shares advance as investors await US growth data
BEIJING (AP) — Asian stock markets rose Wednesday as inflation fears eased and investors looked ahead to U.S. data that are expected to show economic growth accelerating.
Benchmarks in Shanghai, Tokyo and Hong Kong advanced. Seoul swung between gains and losses.
Overnight, Wall Street's S&P 500 index slipped 0.2%, giving up some of the previous day's 1% gain.
Investors worry stronger inflation might prompt governments and central banks to roll back economic stimulus. They have been reassured by comments from U.S. Federal Reserve officials that they see no need yet to change course.
“Inflationistas look like they might be ready to throw in the towel,” said Edward Moya of Oanda in a report.
Investors also have been encouraged by stronger U.S. corporate profits and consumer spending. That has kept the U.S. stock market near record highs and boosted optimism in global markets.
Data due out Thursday are expected to show the biggest global economy accelerated in the first three months of this year after expanding at an annual rate of 4.3% in 2020's final quarter. Economists expect a huge rebound this year following the deepest slump since the Great Depression of the 1930s.
The Shanghai Composite Index rose 0.3% to 3,590.54 and Tokyo's Nikkei 225 added 0.3% to 28,650.73. The Hang Seng in Hong Kong gained 0.8% to 29,148.97.
The Kospi in Seoul was little-changed at 3,171.94 and Sydney's S&P-ASX 200 lost 0.1% to 7,105.70.
India's Sensex opened up 0.6% at 50,950.56 while New Zealand declined. Markets in Singapore, Thailand and Indonesia were closed for holidays.
On Wall Street, the S&P 500 declined to 4,188.13 after spending much of Tuesday wavering between gains and losses.
The Dow Jones Industrial Average dropped 0.2% to 34,312.46. The Nasdaq fell less than 0.1%...