Asian stocks advance after Wall Street sinks for third day
ABC News
Asian stock markets are higher as traders look ahead to data on U.S. employment costs that might influence Federal Reserve decisions on planned interest rate hikes
BEIJING -- Asian stock markets rose Friday as traders looked ahead to data on U.S. employment costs that might influence Federal Reserve decisions on planned interest rate hikes.
Shanghai, Tokyo and Seoul gained. Hong Kong declined.
Wall Street fell for a third day Thursday after the U.S. government reported the economy grew by 5.7% last year, its strongest annual rate since 1984.
Investors looked ahead to U.S. data on employment costs for indications of when and by how much the Fed might raise interest rates to cool surging inflation. Investors expect at least four rate hikes this year after Fed officials said stimulus that is boosting stock prices would be wound down sooner than previously planned.
