{"id":71121,"date":"2024-07-25T16:36:14","date_gmt":"2024-07-25T06:36:14","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=71121"},"modified":"2025-11-10T21:38:40","modified_gmt":"2025-11-10T10:38:40","slug":"thursday-25th-july-2024-asian-markets-plunge-amid-global-sell-off-led-by-nikkeis-3-drop","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-25th-july-2024-asian-markets-plunge-amid-global-sell-off-led-by-nikkeis-3-drop\/","title":{"rendered":"Thursday 25th July 2024: Asian Markets Plunge Amid Global Sell-Off, Led by Nikkei&#8217;s 3% Drop"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 3.14%, Shanghai Composite down 0.58%, Hang Seng down 1.71% ASX down 1.29%<\/li>\n\n\n\n<li>Commodities : Gold at $2374.35 (-1.47%), Silver at $28.11 (-3.64%), Brent Oil at $81.13 (-0.73%), WTI Oil at $76.79 (-0.81%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.257, UK 10-year yield at 4.158, Germany 10-year yield at 2.445<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(CAD) Overnight Rate&nbsp; 4.5% vs 4.5% expected<\/li>\n\n\n\n<li>(USD) Flash Manufacturing PMI&nbsp; 49.5 vs 51.7 expected<\/li>\n\n\n\n<li>(USD) Flash Services PMI&nbsp; 56.0 vs 54.7 expected<\/li>\n\n\n\n<li>(USD) New Home Sales&nbsp; 617K vs 639K expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Japan\u2019s Nikkei 225 extended its losing streak to seven days, plunging 3% and leading losses among Asian markets after Wall Street&#8217;s tumble. SoftBank Group plummeted 9%, while Renesas Electronics dropped over 14%. The broader Topix fell 2.24%. The yen strengthened for the fourth consecutive day against the U.S. dollar, reaching an 11-week high of 152.28. Reuters reported that the Bank of Japan might discuss a rate hike and a plan to reduce bond-buying at its upcoming meeting.<\/p>\n\n\n\n<p>South Korea\u2019s Kospi fell 1.8% and the Kosdaq dropped 2.32%, dragged down by SK Hynix, which fell 6%. This followed SK Hynix reporting record quarterly revenue of 16.42 trillion won ($11.85 billion), up 125% from a year ago. Operating profit hit 5.47 trillion won, the highest in six years, and net profit stood at 4.12 billion won, reversing losses from last year. Meanwhile, South Korea\u2019s advance second-quarter GDP grew 2.3% year-on-year, slightly below expectations, and contracted 0.2% quarter-on-quarter.<\/p>\n\n\n\n<p>Hong Kong\u2019s Hang Seng index slipped 1.7%, while mainland China\u2019s CSI 300 fell 0.98%. China\u2019s central bank cut the medium-term lending rate to 2.3% from 2.5% to stimulate the economy, following Monday&#8217;s loan prime rate reduction. Australia\u2019s S&amp;P\/ASX 200 was down 0.94%. Taiwan\u2019s market remained closed for the second day as the island braced for Typhoon Gaemi.<\/p>\n\n\n\n<p>In the U.S., the S&amp;P 500 and Nasdaq Composite had their worst days since 2022, with the S&amp;P 500 dropping 2.31% to 5,427.13 and the Nasdaq falling 3.64% to 17,342.41. The Dow Jones Industrial Average fell 504.22 points, or 1.25%, to 39,853.87. Tech stocks, including Nvidia and Meta Platforms, lost 6.8% and 5.6%, respectively. Alphabet shares fell 5%, marking their biggest one-day drop since January, while Tesla shares declined 12.3% on weaker-than-expected results and a 7% year-over-year drop in auto revenue.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; USD Advance GDP q\/q<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Unemployment Claims<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Japan\u2019s Nikkei 225 extended [&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\/71121"}],"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=71121"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71121\/revisions"}],"predecessor-version":[{"id":71128,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71121\/revisions\/71128"}],"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=71121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=71121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=71121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}