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Japanese stocks closed higher on Thursday as investors were selective and picked undervalued stocks compared to their latest expectations, while concerns about rising costs weighed on buying.
The Nikkei average rose 0.59 percent to 29,277.86 points, after losing 0.2 percent earlier in the session, affected by the decline in US stocks.
The broader Topix index rose 0.32 percent to 2014.30 points.
US stocks closed significantly lower overnight, as rising consumer prices limited investors’ appetite for risk and raised fears of a prolonged wave of inflation.
The dollar jumped to a 16-month high against the euro and other major currencies on Thursday, while the yen slipped toward multi-year lows, after the highest US inflation reading in 30 years boosted bets on higher interest rates.
The British economy expanded 1.3% QoQ in the third quarter of 2021 when compared to a 5.5% growth seen in Q2 and 1.5% expectations. On an annualized basis, the Kingdom’s GDP arrived at 6.6% in Q3 vs. 6.8% expected and 23.6% prior.
The UK GDP monthly release showed that the economy quickened its pace of expansion in September, coming in at 0.6% vs. 0.4% previous. The Index of services (September) arrived at 1.6% 3M/3M vs. 3.1% expected and 3.7% prior.
