Berliner Boersenzeitung - Asian markets mixed after US growth data fuels Wall St record

After a healthy start, regional stocks stuttered into the close, although gold topped $4,500 for the first time amid US military and economic pressure on Venezuela.

Traders in New York pushed the S&P 500 to an all-time high in response to figures showing the world's top economy expanded 4.3 percent in the third quarter, the fastest pace in two years and much quicker than expected.

The report, which was boosted by healthy consumer and business spending, provided some reassurance to investors about the economic outlook after a string of increasingly weakening jobs data.

However, other figures did provide some cause for thought, with a gauge of consumer spending falling for a fifth successive month to its lowest level since February 2021 owing to worries about jobs. A report last showed unemployment at a four-year high.

With the economy appearing to be in better shape than expected, investors pared their bets on another Federal Reserve interest rate cut next month.

And while hopes for lower borrowing costs have been a key driver of the recent market rally, analysts said the strong growth overshadowed any disappointment that they will remain unchanged for now.

"We're set up for a Santa Claus rally," UBP's Kieran Calder told Bloomberg TV. "The market is taking some of the data pretty positively."

Asian markets swung between gains and losses as traders wound down before Christmas.

Tokyo reversed a morning rally to end lower, while Sydney, Singapore, Seoul, Bangkok and Jakarta also fell.

Hong Kong finished on a positive note, with Shanghai, Wellington, Taipei and Mumbai also up.

Gold rallied above $4,500 for the first time to a peak of $4,525.77 per ounce, while silver hit $72.70 an ounce, with US-Venezuela tensions adding to expectations the Fed will keep cutting rates next year.

Geopolitical worries have grown as Washington continues to put pressure on Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.

And on Monday, US President Donald Trump said Venezuelan President Nicolas Maduro would be "smart" to step down, as Washington ramps up military operations and threats.

The yen extended its recent rebound against the dollar after Japan's Finance Minister Satsuki Katayama suggested authorities were prepared to step in to support the currency, citing speculative moves in markets.

South Korea's won also rallied after the country's central bank and finance ministry said they had discussed the unit's weakness and warned against excessive weakness, while the government also said it would unveil a tax policy to ramp up inward investment.

The unit has come under pressure owing to a range of issues, including a flight of capital and concerns that planned US investment -- as part of trade talks -- could see a further exit of cash.

The won was trading around 1,457 to the dollar Wednesday, having pushed close to 1,500, a level it last saw in 2009 during the global financial crisis.

- Key figures at around 0700 GMT -

Tokyo - Nikkei 225: DOWN 0.1 percent at 50,344.10 (close)

Hong Kong - Hang Seng Index: UP 0.2 percent at 25,818.93 (close)

Shanghai - Composite: UP 0.5 percent at 3,940.95 (close)

Dollar/yen: DOWN at 155.70 yen from 156.27 yen on Tuesday

Euro/dollar: UP $1.1800 from $1.1791

Pound/dollar: UP at $1.3522 from $1.3499

Euro/pound: DOWN at 87.26 pence from 87.34 pence

West Texas Intermediate: UP 0.3 percent at $58.57 per barrel

Brent North Sea Crude: UP 0.3 percent at $62.55 per barrel

New York - Dow: UP 0.2 percent at 48,442.41 (close)

London - FTSE 100: UP 0.2 percent at 9,889.22 (close)

(G.Gruner--BBZ)