Markets got a boost from a report showing U.S. consumer confidence is surprisingly strong, despite inflation squeezing wallets.
BANGKOK — Shares advanced in Asia on Thursday after a rally on Wall Street as investors welcomed a report showing U.S. consumer confidence is holding up despite the Federal Reserve’s campaign to fight inflation by raising interest rates.
The Conference Board’s consumer confidence index rose to 108.3 in December from 101.4 in November. That pushed the index to its highest level since April. Last month’s figure was the lowest since July. Tokyo’s Nikkei 225 NIK was 0.5% higher at 26,507.87 and the Kospi 180721 in Seoul rose 1.1% to 2,353.85. In Sydney, the S&P/ASX 200 XJO a dvanced 0.5% to 7,152.50.Stocks closed broadly higher on Wall Street Wednesday, bringing major indexes into the green for the week.
The Fed’s key lending rate, the federal funds rate, stands at a range of 4.25% to 4.5%, the highest level in 15 years. Fed policymakers are forecasting the rate will reach a range of 5% to 5.25% by the end of 2023 and won’t be cut before 2024.
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