Stock market today: Asian shares mostly higher ahead of US price update, OPEC+ meeting
Asian shares are mostly higher ahead of the release of U.S. consumer inflation data
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.
U.S. futures rose and oil prices also advanced.
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 the 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%.
