MSCI's broadest index of Asia-Pacific shares outside Japan was 0.59% higher
SINGAPORE - Asian shares eased away from their lowest levels in 10 months but were on course to clock their worst quarterly performance in a year as worries over elevated interest rates dragged on sentiment, while the dollar held strong.The index is set for 5% drop in the July-September period, its worst quarterly performance since a 13.6% drop in the same period last year.
Meanwhile, data showed the U.S. economy maintained a fairly solid pace of growth in the second quarter and activity appears to have accelerated this quarter, but a looming government shutdown and an ongoing strike by auto workers are dimming the outlook for the rest of 2023. Investors will now switch their attention to U.S. personal consumption expenditures price index later on Friday for the latest view on inflation.
Federal Reserve Bank of Richmond President Thomas Barkin said on Thursday the central bank's decision to hold steady on rates earlier this month was the right move, and it’s unclear whether more monetary policy changes will be needed in coming months.