Asia stocks up on better-than-expected US growth data; dollar steady
The US gave its best performance in two years in the third quarter, better than expected, which propped the stocks higher on Wednesday.
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% 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%, the Nikkei flat and South Korea up 0.2%.
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% up. Stock futures edged higher in Asia.
Oil slumped by roughly 4% on Tuesday before bouncing somewhat as most analysts concluded the Organization of Petroleum Exporting
Countries would cobble together a deal at its meeting in Vienna on Wednesday to cut production to some extent. The meeting starts at 1000 GMT.
Brent futures were flat around $46.38 per barrel while US crude gained 0.3% to $45.39 per barrel.