A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Monday, Sept. 5, 2022. Asian stock markets declined Monday after Wall Street ended last week lower and China tightened anti-virus controls. (AP Photo/Lee Jin-man)
A currency trader walks by the screen showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Monday, Sept. 5, 2022. Asian stock markets declined Monday after Wall Street ended last week lower and China tightened anti-virus controls. (AP Photo/Lee Jin-man)
A currency trader watches computer monitors at a foreign exchange dealing room in Seoul, South Korea, Monday, Sept. 5, 2022. Asian stock markets declined Monday after Wall Street ended last week lower and China tightened anti-virus controls. (AP Photo/Lee Jin-man)
A currency trader walks by the screens showing the foreign exchange rate between U.S. dollar and South Korean won, left, and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a foreign exchange dealing room in Seoul, South Korea, Monday, Sept. 5, 2022. Asian stock markets declined Monday after Wall Street ended last week lower and China tightened anti-virus controls. (AP Photo/Lee Jin-man)
A currency trader walks by the screens showing the foreign exchange rate between U.S. dollar and South Korean won, center, and the Korean Securities Dealers Automated Quotations (KOSDAQ), right, at a foreign exchange dealing room in Seoul, South Korea, Monday, Sept. 5, 2022. Asian stock markets declined Monday after Wall Street ended last week lower and China tightened anti-virus controls. (AP Photo/Lee Jin-man)An NYSE sign is seen on the floor at the New York Stock Exchange in New York, on June 15, 2022. Stocks are opening lower again on Wall Street, continuing a weak patch that has wiped out much of the gains the market made in July and early August. The S&P 500 lost about half a percent in the early going Thursday, Sept. 1. (AP Photo/Seth Wenig, File) Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 6, 2022. (AP Photo/Ahn Young-joon) A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 6, 2022. (AP Photo/Ahn Young-joon) A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 6, 2022. (AP Photo/Ahn Young-joon) A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 6, 2022. (AP Photo/Ahn Young-joon) A person wearing a protective mask walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, Sept. 7, 2022, in Tokyo. Asian shares were mostly lower Wednesday, as pessimism prevailed about higher interest rates ahead and Wall Street shares fell for the fourth straight week. Oil prices fell, while the Japanese yen continued to decline against the U.S. dollar to nearly 144 yen. (AP Photo/Eugene Hoshiko) People stand in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, Sept. 7, 2022, in Tokyo. Asian shares were mostly lower Wednesday, as pessimism prevailed about higher interest rates ahead and Wall Street shares fell for the fourth straight week. Oil prices fell, while the Japanese yen continued to decline against the U.S. dollar to nearly 144 yen. (AP Photo/Eugene Hoshiko) A person wearing a protective mask walks past an electronic stock board showing Japan's Nikkei 225 and New York Dow indexes at a securities firm Wednesday, Sept. 7, 2022, in Tokyo. Asian shares were mostly lower Wednesday, as pessimism prevailed about higher interest rates ahead and Wall Street shares fell for the fourth straight week. Oil prices fell, while the Japanese yen continued to decline against the U.S. dollar to nearly 144 yen. (AP Photo/Eugene Hoshiko) A person wearing a protective mask stands in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, Sept. 7, 2022, in Tokyo. Asian shares were mostly lower Wednesday, as pessimism prevailed about higher interest rates ahead and Wall Street shares fell for the fourth straight week. Oil prices fell, while the Japanese yen continued to decline against the U.S. dollar to nearly 144 yen. (AP Photo/Eugene Hoshiko) A person wearing a protective mask stands in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, Sept. 7, 2022, in Tokyo. Asian shares were mostly lower Wednesday, as pessimism prevailed about higher interest rates ahead and Wall Street shares fell for the fourth straight week. Oil prices fell, while the Japanese yen continued to decline against the U.S. dollar to nearly 144 yen. (AP Photo/Eugene Hoshiko) 
A person walks past an electronic stock board showing Japan's Nikkei 225 index and U.S. dollar/Japanese yen exchange rate at a securities firm Wednesday, Sept. 7, 2022, in Tokyo. Asian shares were mostly lower Wednesday, as pessimism prevailed about higher interest rates ahead and Wall Street shares fell for the fourth straight week. Oil prices fell, while the Japanese yen continued to decline against the U.S. dollar to nearly 144 yen. (AP Photo/Eugene Hoshiko)
In this May 9, 2012 file photo, a Bed Bath & Beyond sign is shown in Mountain View, Calif. Bed Bath & Beyond has named its Chief Accounting Officer, Laura Crossen, as interim chief financial officer, Tuesday, Sept. 6, 2022, following the death of Gustavo Arnal. The home goods retailer said in a regulatory filing that Crossen will continue as its principal accounting officer while serving in the interim role. (AP Photo/Paul Sakuma, File)A currency trader watches monitors in front of screens showing the Korea Composite Stock Price Index (KOSPI), left, and the exchange rate of South Korean won against the U.S. dollar, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 8, 2022. Asian benchmarks mostly rose Thursday, as investor optimism got a perk from a rally on Wall Street that's on track to break a three-week losing streak. (AP Photo/Ahn Young-joon) A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 8, 2022. Asian benchmarks mostly rose Thursday, as investor optimism got a perk from a rally on Wall Street that's on track to break a three-week losing streak. (AP Photo/Ahn Young-joon) Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 8, 2022. Asian benchmarks mostly rose Thursday, as investor optimism got a perk from a rally on Wall Street that's on track to break a three-week losing streak. (AP Photo/Ahn Young-joon)
TOKYO (AP) — Global stock benchmarks mostly rose Thursday as investors closely watched a European central bank meeting and sought to juggle concerns about inflation and recession.
France's CAC 40 rose 0.1% to 6,113.98 in early trading, while Germany's DAX slipped nearly 0.1% to 12,904.97. Britain's FTSE 100 added 0.4% to 7,269.52. U.S. shares were set to drift lower with Dow futures down nearly 0.1% at 31,559.00. S&P 500 futures slipped 0.1% to 3,976.25.
Japan's benchmark Nikkei 225 surged 2.3% to finish at 28,065.28. Australia's S&P/ASX 200 gained 1.8% to 6,848.70. South Korea's Kospi rose 0.3% to 2,384.28. Hong Kong's Hang Seng dropped 1.0% to 18,854.62, while the Shanghai Composite fell 0.3% to 3,235.59.
Somewhat reassuring to market watchers was Japan's revised seasonally adjusted real gross domestic product, or GDP, for the second quarter, which was revised upward to an annual rate of 3.5% growth, better than the initial estimate of 2.2%.
Data showed private consumption and business spending are holding up in the world's third-largest economy, which has managed to grow for three straight quarters. The on-quarter growth for GDP, the sum of the value of a nation’s products and services, was revised upward to 0.9% from 0.5%. The annual numbers show how the economy would have grown if the quarterly rate were to continue for a year.
“Economic conditions in the region will continue to be in focus, with China’s trade balance data yesterday revealing challenges in both external and domestic demand,” said Yeap Jun Rong, market strategist at IG in Singapore. China’s trade weakened in August as high energy prices, inflation and anti-virus measures weighed on global and Chinese consumer demand, and imports of Russian oil and gas surged.
Investors are also watching for what may happen with interest rates at the European Central Bank's meeting, as well as for comments from U.S. Fed Chair Jerome Powell later Thursday.
Market focus remains on the highest inflation in decades and the Fed's attempt to rein it in with high interest rates. The U.S. central bank has already raised rates four times this year and markets expect it to deliver another jumbo-sized increase of three-quarters of a percentage point at its next meeting in two weeks.
The central bank has been clear about its determination to continue raising rates until it feels that inflation is leveling off or cooling. In June, Fed officials projected that the benchmark rate will reach a range of 3.25% to 3.5% by year’s end and roughly a half percentage point more in 2023.
In energy trading, benchmark U.S. crude added 6 cents to $82.00 a barrel. U.S. crude oil prices slid 5.7% Wednesday. Brent crude, the international standard, gained 5 cents to $88.05 a barrel.
In currency trading, the U.S. dollar rose to 144.04 yen from 143.74 yen. The euro was little changed at $1.00.
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Yuri Kageyama is on Twitter https://twitter.com/yurikageyama
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View the "7 Dividend Stocks That Earn 10% Every Month".
