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Asian stocks mixed on strong US hiring, OPEC oil output cuts

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BEIJING (AP) — Asian stocks were mixed Thursday after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices.
By JOE McDONALD
BEIJING Asian stocks were mixed Thursday after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices.
Tokyo and Seoul advanced while Hong Kong and Sydney declined. Chinese markets were closed for a holiday. Oil prices edged higher.
Wall Street’s benchmark lost 0.2% on Wednesday, ending a two-day rally, after payroll processor ADP said U.S. employers added 208,000 jobs in September, slightly more than expected. That showed some parts of the U.S. economy still are strong, giving ammunition to Fed officials who say more rate hikes are needed to cool inflation that is at a four-decade high.
“The economy is too strong for the Fed to pivot. The strong start to October is over,” Edward Moya of Oanda said in a report.
The Nikkei 225 in Tokyo rose 0.9% to 27,354.41 while the Hang Seng in Hong Kong lost 0.

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