Asian stocks rise after upbeat US Fed economy report
HONG KONG (AFP) - Asian markets mostly rose on Thursday, following an upbeat Federal Reserve report on the United States economy and positive European growth data, but gains were capped by profit-taking and lingering concerns over Syria.
While a positive outlook has lifted sentiment, helping the US dollar rise above 100 yen, traders remain on edge about the Fed's plans for its stimulus programme, with concerns it will soon start a wind-down.
Tokyo closed flat, edging up 10.95 points to 14,064.82, with little reaction after the Bank of Japan upgraded its assessment of the world's No. 3 economy. Seoul finished up 0.96 per cent, or 18.62 points, at 1,951.65, while Hong Kong rose 1.22 per cent, or 271.75 points, to 22,597.97. Sydney slipped 0.37 per cent, or 19.1 points, to 5,142.5, while Shanghai was down 0.24 per cent, giving up 5.19 points to 2,122.43.
The Fed's Beige Book report into the state of the world's top economy showed consumer spending and manufacturing has risen in most of the 12 regions in the US while job creation was steady or improving.