Asian Markets Open Mixed After Wall Street Rally Stalls
Asia-Pacific markets opened mixed on Thursday after Wall Street’s rally stalled overnight even as inflation data matched expectations.
The U.S. personal consumption expenditures, or PCE, price index rose 2.3% on an annualized basis, up from 2.1% in September. So-called core inflation, which excludes food and energy prices, rose 2.8% in the 12 months to October, up from 2.7% in the previous month.
Both were in line with expectations from economists polled by Reuters, according to LSEG data.
The Bank of Korea is expected to keep its benchmark interest rate unchanged at 3.25% when its monetary policy committee meets later in the day, according to a Reuters poll of economists. The central bank will also release its latest economic growth and inflation forecasts.
South Korea’s blue-chip Kospi index fell slightly by 0.16% while the small-cap Kosdaq rose 0.63%.
Japan’s Nikkei 225 fell 0.50% while the broad-based Topix was flat.
Australia’s S&P/ASX 200 opened the day up 0.54%.
Hong Kong’s Hang Seng Index futures were at 19,618, up from the HSI’s last close of 19,603.13.
Overnight in the U.S., a decline in big tech stocks dragged the market lower in a quiet session.
Chipmaker Nvidia fell more than 1%, while Meta Platforms dropped 0.8%. Dell and HP fell more than 12% and 11%, respectively, following weak earnings forecasts.
The S&P 500 fell 0.38% to 5,998.74, ending a seven-day winning streak. The Nasdaq Composite fell 0.6% to end at 19,060.48. The Dow Jones Industrial Average fell 138.25 points, or 0.31%, to close at 44,722.06, reversing course after rising more than 140 points.
U.S. markets will be closed Thursday for the Thanksgiving holiday.
Source: CNBC
