Asian markets mostly advance after the S&P 500 hits record high

HONG KONG (AP) — Asian markets mostly advanced Wednesday after the benchmark S&P 500 closed at another record high following a report that the U.S. economy grew at an unexpectedly strong 4.3% annual rate in July to September.

The U.S. government’s first estimate of growth for the third quarter showed inflation remained high, while a separate report said consumer confidence faded further in December. The U.S. economy expanded at a 3.8% annual pace in April-June.

Trading in Asia was thin, with many global markets due to be closed Thursday for Christmas. Markets in the U.S. will end early Wednesday for Christmas Eve and stay closed for Christmas.

Tokyo’s Nikkei 225 was unchanged at 50,411.10 and South Korea’s Kospi slipped 0.1% to 4,113.83.

In Chinese markets, Hong Kong’s Hang Seng gained 0.2% to 25,818.93. The Shanghai Composite index edged 0.2% higher, to 3,929.25.

In Australia, the S&P/ASX 200 slipped nearly 0.4% to 8,762.70.

Markets in Hong Kong and Australia closed early due to Christmas Eve.

Taiwan’s Taiex picked up less than 0.1% while the Sensex in India gained 0.1%.

Gold and silver extended their rally after hitting record highs this week driven by heightened geopolitical tensions. The price of gold rose 0.4% early Wednesday to $4,525.50 per ounce, adding to gains of about 70% for the year. Silver rose 1.8%.

U.S. futures edged lower early Wednesday.

On Tuesday, big gains for tech stocks pushed the S&P 500 up 0.5%, even though most stocks in the index fell. It closed at 6,909.79. The Dow Jones Industrial Average added 0.2% to 48,442.41, while the Nasdaq composite rose 0.6% to 23,561.84.

Nvidia advanced 3% and Google’s parent company, Alphabet, edged up 1.5%.

Novo Nordisk jumped 7.3%, after U.S. regulators approved a pill version of the weight-loss drug Wegovy, the first daily oral medication to treat obesity.

The government’s update on the economy showed inflation hovering higher than the central bank prefers. The Federal Reserve’s favored inflation gauge — called the personal consumption expenditures index, or PCE — climbed to a 2.8% annual pace last quarter, up from 2.1% in the second quarter.

On Wednesday, the Labor Department will release its weekly data on applications for jobless benefits, which stands as a proxy for U.S. layoffs.

Investors are betting the Fed will hold steady on interest rates at its January meeting. Recent reports show high inflation and shaky confidence among consumers worried about high prices. The labor market has been slowing and retail sales have weakened.

In other dealings early Wednesday, the dollar continued to fall against the Japanese yen, after officials said they could intervene with excessive moves in the yen. The dollar was trading Wednesday at 155.96 yen, down from 156.17 yen.

The euro slipped to $1.1793 from $1.1796.

Oil prices edged higher as traders kept an eye on risks of supply disruptions in Venezuela and Russia.

U.S. benchmark crude oil added 7 cents to $58.45 per barrel. Brent crude edged 3 cents higher, to $61.90 per barrel.

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AP Business Writer Damian J. Troise contributed to this story.