Asia stocks edge up on US growth data cues; dollar steady
HONG KONG: Asian stocks edged higher on Wednesday reflecting upbeat US growth news while oil steadied after a sharp drop overnight as OPEC struggled to agree on a glut-draining production cut.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.1 percent in early trades. It is poised to post a second consecutive monthly loss.
In currency markets, the dollar consolidated recent gains against a trade-weighted basket of its peers .DXY with investors looking to buy on dips after strong data.
The US economy grew faster than initially thought in the third quarter, notching its best performance in two years.
The relatively upbeat data pushed major US stock indices higher with major benchmarks closing between 0.2 to 0.6 percent up [.N]. Stock futures SPC1 edged higher in Asia.
Oil slumped by roughly 4 percent on Tuesday before bouncing somewhat as most analysts concluded the Organization of Petroleum Exporting Countries would cobble together a deal at its meeting in Vienna on Wednesday to cut production to some extent. The meeting starts at 1000 GMT (5.00 a.m. ET).
Brent futures LCOc1 were flat around $46.38 per barrel while US crude CLc1 gained 0.3 percent to $45.39 per barrel.