{"id":66934,"date":"2023-12-08T17:39:10","date_gmt":"2023-12-08T06:39:10","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=66934"},"modified":"2025-11-10T22:18:46","modified_gmt":"2025-11-10T11:18:46","slug":"friday-8th-december-2023-japans-downwardly-revised-q3-gdp-leads-to-mixed-asia-markets","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/friday-8th-december-2023-japans-downwardly-revised-q3-gdp-leads-to-mixed-asia-markets\/","title":{"rendered":"Friday 8th December 2023: Japan&#8217;s Downwardly Revised Q3 GDP Leads to Mixed Asia Markets"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 1.77%, Shanghai Composite up 0.22%, Hang Seng up 0.04% ASX up 0.37%<\/li>\n\n\n\n<li>Commodities : Gold at $2046.5 (-0.02%), Silver at $24.13 (0.34%), Brent Oil at $75.606 (2.12%), WTI Oil at $70.73 (2.03%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.154, UK 10-year yield at 4.0091, Germany 10-year yield at 2.195<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(CAD) Building Permits m\/m 2.3% vs 1.1% expected<\/li>\n\n\n\n<li>(USD) Unemployment Claims 220K vs 221K expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets displayed a varied performance due to Japan&#8217;s unexpected revision of its third-quarter GDP, which saw a sharper decline at 0.7% compared to the initially estimated 0.5% fall. Economists, anticipating stability at 0.5%, were taken by surprise by this adjustment. Meanwhile, India&#8217;s Reserve Bank chose to maintain its repo rate at 6.5%, aligning with the predictions of 64 economists.<\/p>\n\n\n\n<p>In Australia, the S&amp;P\/ASX 200 rebounded from earlier losses, closing 0.3% higher. However, Japan&#8217;s Nikkei 225 tumbled by 1.77%, with the Topix following suit, dropping by 1.73% post the GDP revision. South Korea&#8217;s Kospi and the smaller Kosdaq saw positive movements, climbing by 1.02% and 1.91%, respectively.<\/p>\n\n\n\n<p>Hong Kong&#8217;s Hang Seng index showed a slight rebound with a 0.04% increase, while mainland China&#8217;s CSI 300 gained 0.48%. Across the Pacific, US markets experienced gains as the Dow Jones Industrial Average and S&amp;P 500 snapped their three-day losing streaks ahead of the pivotal jobs report.<\/p>\n\n\n\n<p>The S&amp;P 500 surged by 0.8%, accompanied by a 0.17% rise in the Dow, while the Nasdaq Composite outperformed, advancing by 1.37% thanks to robust tech stock performance. Notably, Google-parent Alphabet witnessed over 5% growth after introducing its Gemini artificial intelligence model. Additionally, Nvidia and AMD showed strong performance, gaining over 2% and 9%, respectively.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>1:30 PM GMT &#8211; USD Average Hourly Earnings m\/m<\/li>\n\n\n\n<li>1:30 PM GMT &#8211; USD Non-Farm Employment Change<\/li>\n\n\n\n<li>1:30 PM GMT &#8211; USD Unemployment Rate<\/li>\n\n\n\n<li>3:00 PM GMT &#8211; USD Prelim UoM Consumer Sentiment<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets displayed a [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/66934"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=66934"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/66934\/revisions"}],"predecessor-version":[{"id":66940,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/66934\/revisions\/66940"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=66934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=66934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=66934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}