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Asian stocks mostly up after US data

Hong Kong - Asian markets were mostly higher on Wednesday following better-than-expected US economic growth data and news that Germany had narrowly averted recession.

The dollar struggled to resume its uptrend against the yen, with analysts forecasting the pairing were close to finding their plateau.

Tokyo dipped 24.04 points, to 17 383.58 but Sydney rallied 61.4 points to 5 396.2 and Seoul was slightly higher, edging up 0.63 points to close at 1 980.84.

Hong Kong added 268.07 points, to 24 111.98 and Shanghai gained 36.74 points to 2 604.34. The gains came despite a weak lead from Wall Street, where the Dow and S&P 500 retreated slightly from record highs.

The US Commerce Department said third-quarter growth came in at to 3.9%, up from a previous estimate of 3.5% and easily beating expectations for 3.2% expansion.

The figures are the latest showing the world's number one economy is on a healthy recovery track, while those in the eurozone and Japan struggle.

However, there was some negative news, with the Conference Board saying consumer confidence dipped in November compared with October. On Wall Street the Dow edged down 0.02 % and the S&P 500 retreated 0.12%. However, the Nasdaq added 0.07%.

Also on Tuesday, Germany released figures showing the eurozone's biggest economy expanded 0.1% in July-September thanks to higher household and government spending.
Yen fights back

The data, which comes a day after the first pick-up in business confidence for seven months, means it avoided recession after shrinking 0.1 percent in the previous three months.

The euro turned higher on the result, sitting at $1.2473 and ¥147.18 in New York late on Tuesday, compared with $1.2421 and ¥146.48 in Tokyo earlier in the day.

In Tokyo on Wednesday it bought $1.2470 and ¥146.90.

In other foreign exchange trade the dollar eased to ¥117.71 on Wednesday from ¥117.97 in New York.
The greenback has surged against the yen this month after the Bank of Japan ramped up its stimulus programme on October 31.

But "there is going to be a limit to the dollar's rise, and at some point the currency markets will reach a consolidation point", said Hajime Kitano, Japan equity strategist at Barclays.

The "dollar-yen pair may be poised for a pullback soon", he told Dow Jones Newswires.

And Tatsunori Kawai, chief strategist at kabu.com Securities, added: "After a consistent string of dollar surges over the last month, we may finally be entering a 'cooling off period' for the greenback - at least against the yen."

Oil prices were lower. US benchmark West Texas Intermediate for January delivery fell 14 cents to $73.95 while Brent crude for January fell 16c to $78.15 in afternoon trade.

Gold was at $1 195.70 an ounce, compared with $1 200.71 late on Tuesday.

In other markets:

- Taipei was marginally higher, adding 6.15 points to 9 122.39.

Taiwan Semiconductor Manufacturing was unchanged at Tw$139.0 while Hon Hai Precision Industry closed 0.93% higher at Tw$97.3.

- Wellington gained 14.71 points to 5 457.39.

Spark rose 1.95% to NZ$3.13 and Fletcher Building added 0.37% to NZ$8.20.

- Manila ended up 69.74 points at 7 356.59.

Philippine Long Distance Telephone rose 1.01% to 2 990 pesos and Ayala Corp gained 1.31% to 694 pesos, but Metrobank lost 0.24 percent to 83.30 pesos.

- Singapore closed up 4.67 points, to 3 349.66.

DBS Bank fell 0.40% to Sg$19.75 while real estate developer Capitaland eased 0.30% to Sg$3.32.

- Jakarta ended up 14.09 points, at 5 133.04.

Bank Negara Indonesia rose 0.43% to 5 900 rupiah, while state miner Aneka Tambang fell 2.02% to 970 rupiah.

- Kuala Lumpur's main stock index gained 3.61 points to close at 1 842.17.

Alliance Financial Group gained 0.6% to 4.80 ringgit, while IHH Healthcare rose 0.6% to 4.97. SapuraKencana Petroleum fell 1.0% to 3.23 ringgit.

- Bangkok closed down 5.80 points at 1 591.00.

Media operator BEC World soared 5.37% to 54.00 baht, while satellite operating company Thaicom rose 4.05% to 38.50 baht.

- Mumbai rose 48.14 points, to end at 28 386.19.

Natural gas utility GAIL rose 2.7% to 490.25 rupees, while telecom major Bharati Airtel fell 2.43% to 393.35 rupees.

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