{"id":73302,"date":"2024-11-28T16:50:35","date_gmt":"2024-11-28T05:50:35","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=73302"},"modified":"2025-11-10T20:51:28","modified_gmt":"2025-11-10T09:51:28","slug":"thursday-28th-november-2024-asia-pacific-markets-react-to-south-koreas-rate-cut-and-wall-street-slowdown","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-28th-november-2024-asia-pacific-markets-react-to-south-koreas-rate-cut-and-wall-street-slowdown\/","title":{"rendered":"Thursday 28th November 2024: Asia-Pacific Markets React to South Korea\u2019s Rate Cut and Wall Street Slowdown"},"content":{"rendered":"\n<h3><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 0.85%, Shanghai Composite down 0.04%, Hang Seng down 1.12% ASX up 0.45%<\/li>\n\n\n\n<li>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%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.260, UK 10-year yield at 4.295, Germany 10-year yield at 2.1660<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Prelim GDP q\/q 2.8% vs 2.8% expected<\/li>\n\n\n\n<li>(USD) Unemployment Claims 213K vs 215K expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p><br \/>Asia-Pacific markets were mixed on Thursday as Wall Street\u2019s rally paused and investors evaluated South Korea\u2019s 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&#8217; forecasts.<\/p>\n\n\n\n<p>The Bank of Korea surprised markets with a 25-basis-point rate cut to 3.0%, defying expectations for a pause after October&#8217;s similar reduction. Following the decision, South Korea\u2019s Kospi rose 0.15%, while the Kosdaq climbed 0.53%.<\/p>\n\n\n\n<p>Japan\u2019s Nikkei 225 fell 0.24% and recovered to 0.85%, and the Topix remained flat. Australia\u2019s S&amp;P\/ASX 200 gained 0.49%, hitting a fresh intraday high. Meanwhile, Hong Kong\u2019s Hang Seng Index dropped 1.24% after its strongest gain this month on Wednesday, and China\u2019s CSI 300 traded flat.<\/p>\n\n\n\n<p>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&amp;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.<\/p>\n\n\n\n<p>U.S. markets will remain closed on Thursday for the Thanksgiving holiday.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>01:30 PM GMT &#8211; USD Current Account<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets were mixed [&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\/73302"}],"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=73302"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73302\/revisions"}],"predecessor-version":[{"id":73308,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73302\/revisions\/73308"}],"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=73302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=73302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=73302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}