Asia-Pacific markets traded predominantly higher on Thursday as investors digested South Korea’s unexpected interest rate cut alongside a subdued Wall Street session overnight.
The Bank of Korea shocked markets by reducing its benchmark interest rate by 25 basis points to 3.0%. Analysts had largely anticipated a pause following a similar cut in October, according to a Reuters poll.
South Korea’s Kospi index edged up to close at 2,504.67, while the Kosdaq gained 0.35%, ending at 694.39. In Japan, the Nikkei 225 climbed 0.56% to 38,349.06, and the broader Topix rose 0.82% to 2,687.28.
Australia’s S&P/ASX 200 set a fresh record, adding 0.45% to close at 8,444.3. However, Hong Kong’s Hang Seng Index dipped 1.31% in late trading, erasing some of Wednesday’s gains when it recorded its largest daily jump this month. Meanwhile, mainland China’s CSI 300 dropped 0.88% to 3,872.55.
Wall Street Recap
In the U.S., tech giants led markets lower during a thin trading session. Nvidia slid over 1%, while Meta Platforms lost 0.8%. PC makers Dell and HP saw sharp declines of 12% and 11%, respectively, following weak earnings projections.
The S&P 500 slipped 0.38% to 5,998.74, ending a seven-day winning streak. The Nasdaq Composite fell 0.6% to 19,060.48, while the Dow Jones Industrial Average dropped 138.25 points, or 0.31%, to 44,722.06.
The declines came after the latest reading of the personal consumption expenditures price index, a key inflation gauge favored by the Federal Reserve. Core inflation rose 2.8% year-over-year in October, slightly higher than September’s 2.7%, aligning with economists’ forecasts.
U.S. markets are closed Thursday in observance of the Thanksgiving holiday.
