Asian stocks mostly higher as strong US growth lifts sentiment

Most Asian stock markets edged higher on Wednesday, while gold climbed above $4,500 for the first time, as investors took cues from record highs on Wall Street following stronger-than-expected US economic growth data.

Confidence improved after figures showed the US economy expanded at an annualised rate of 4.3 percent in the third quarter, its fastest pace in two years, driven by solid consumer and business spending. The data pushed the S&P 500 to a fresh all-time high and reassured investors amid recent concerns over weakening jobs numbers.

However, some indicators raised caution, with consumer spending sentiment falling for a fifth straight month to its lowest level since early 2021, reflecting worries about the labour market. Recent data also showed US unemployment at a four-year high.

Stronger growth led investors to trim expectations of another Federal Reserve rate cut next month, though optimism about the broader outlook for 2026 helped offset any disappointment. Analysts said the resilience of the US economy continued to support global risk appetite heading into the Christmas break.

Asian markets were mixed but mostly positive. Tokyo, Hong Kong, Seoul, Wellington and Taipei posted gains, while Shanghai, Sydney, Singapore and Jakarta edged lower as trading activity thinned ahead of the holidays.

Gold surged to a record peak of $4,525.77 an ounce, while silver rose to $72.70, supported by geopolitical tensions between the United States and Venezuela and expectations of further US rate cuts next year.

In currency markets, the yen extended recent gains against the dollar after Japan’s finance minister signalled readiness to intervene to counter speculative moves. Oil prices were little changed, as traders balanced geopolitical risks against supply expectations.