While South Korean equities were restrained despite a surprising rate drop by its central bank., Other Asian stock markets fell Thursday as investors remained wary of the U.S. Interest rate outlook following stubbornly strong inflation data.
Following a wave of positive economic data, U.S. stock indexes dropped from all-time highs. The regional markets trailed Wall Street by a narrow margin. Major technology stock losses were also taken into consideration.
According to data, the price index for personal consumption expenditures (PCE). That is the preferred indicator of underlying inflation used by the U.S. Federal Reserve. It increased as predicted. The U.S. economy maintained steady growth in the third quarter, according to another reading.
Ahead of Thanksgiving, Wall Street ends were flat in Asian trading.
After U.S. President-elect Donald Trump vowed to slap more trade tariffs on China, which might lead to a renewed trade war between the world’s largest economies, sentiment toward regional markets also remained sluggish.
The Shanghai Composite index remained relatively stable, although the Shanghai Shenzhen CSI 300 index dropped 0.4%. The Hang Seng index for Hong Kong fell 1.2%.
According to a UBS analyst’s note, Chinese stocks are anticipated to have short-term challenges as market mood is tempered by persistent trade worries and a lack of domestic stimulus.
Thailand’s SET Index fell 0.3%, the Philippines’ PSEi Composite index lost 0.8%, and India’s Nifty 50 Futures showed a muted open. Japan’s Nikkei 225 and TOPIX indexes increased 0.6% and 0.5%, respectively. South Korea’s central bank cut benchmark interest rates for a second straight meeting, warning economic growth is likely to slow further. The KOSPI index remained unchanged, while Samsung Electronics Co and LG Electronics were down 0.3%. US data has dampened anticipations for rate cuts in early 2025.
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