Asian stocks, STI open higher on upbeat growth news from US, Japan

A man looks at a board displaying various stock market indices at a securities firm in Tokyo, Japan, on Nov 22, 2016.
A man looks at a board displaying various stock market indices at a securities firm in Tokyo, Japan, on Nov 22, 2016.PHOTO: BLOOMBERG

SINGAPORE - Asian stocks edged higher on Wednesday reflecting upbeat US growth news while oil steadied after a sharp drop as Opec struggled to agree on a production cut.

Singapore shares also opened higher on Wednesday (Nov 30), with the benchmark Straits Times Index at 2,905.95 in early trade, up 0.93 per cent, or 26.81 points.

Early action in Asian stocks was just as guarded with Australia down 0.16 per cent, the Nikkei flat and South Korea up 0.2 per cent.

Tokyo market was high with investors heartened by a weaker yen as the dollar rose on strong US economic data. Government figures showed stronger-than-expected third quarter growth, higher housing prices in September and a sharp rebound in consumer confidence in November. The benchmark Nikkei 225 index gained 0.30 per cent, or 55.20 points, to 18,362.24 in the first few minutes of trade while the Topix index of all first-section issues was up 0.25 per cent, or 3.72 points, at 1,472.29.