Global Markets:
- Asian Stock Markets : Nikkei up 0.85%, Shanghai Composite down 0.04%, Hang Seng down 1.12% ASX up 0.45%
- Commodities : Gold at $2657.35 (-0.34%), Silver at $30.9 (-0.28%), Brent Oil at $72.24 (-0.16%), WTI Oil at $68.7 (-0.29%)
- Rates : US 10-year yield at 4.260, UK 10-year yield at 4.295, Germany 10-year yield at 2.1660
News & Data:
- (USD) Prelim GDP q/q 2.8% vs 2.8% expected
- (USD) Unemployment Claims 213K vs 215K expected
Markets Update:
Asia-Pacific markets were mixed on Thursday as Wall Street’s rally paused and investors evaluated South Korea’s unexpected interest rate cut. The U.S. personal consumption expenditure (PCE) price index rose 2.3% annually in October, up from 2.1% in September. Core inflation, excluding food and energy, increased to 2.8% from 2.7%, aligning with economists’ forecasts.
The Bank of Korea surprised markets with a 25-basis-point rate cut to 3.0%, defying expectations for a pause after October’s similar reduction. Following the decision, South Korea’s Kospi rose 0.15%, while the Kosdaq climbed 0.53%.
Japan’s Nikkei 225 fell 0.24% and recovered to 0.85%, and the Topix remained flat. Australia’s S&P/ASX 200 gained 0.49%, hitting a fresh intraday high. Meanwhile, Hong Kong’s Hang Seng Index dropped 1.24% after its strongest gain this month on Wednesday, and China’s CSI 300 traded flat.
In the U.S., major indices declined amid thin trading. Tech stocks led losses, with Nvidia down over 1% and Meta Platforms sliding 0.8%. Dell and HP plunged more than 12% and 11%, respectively, following weak earnings forecasts. The S&P 500 fell 0.38% to 5,998.74, ending a seven-day winning streak. The Nasdaq Composite dropped 0.6% to 19,060.48, and the Dow Jones Industrial Average lost 138.25 points, or 0.31%, to close at 44,722.06, reversing earlier gains.
U.S. markets will remain closed on Thursday for the Thanksgiving holiday.
Upcoming Events:
- 01:30 PM GMT – USD Current Account
