Asian markets showed mixed results on Friday as investors reacted to underwhelming US inflation data.
In China, stocks took a hit during morning trading. The Shanghai Composite dropped 1.6% to 3,249.14, while the CSI 300 Index, which tracks the top 300 stocks on the Shanghai and Shenzhen markets, declined by 1.9%.
Meanwhile, Hong Kong markets were closed on Friday due to a public holiday. Earlier in the week, on Tuesday, the index had plummeted over 9%, marking its steepest loss since the 2008 global financial crisis.
In South Korea, the central bank reduced its benchmark interest rate by 25 basis points to 3.25%, signalling the start of an easing cycle aimed at boosting economic growth. This was the Bank of Korea’s first rate cut since 2020, following a GDP contraction in the second quarter and an inflation rate in September that fell below the 2% target.
South Korea’s Kospi gained 0.4%, closing at 2,610.64.
Australia’s S&P/ASX 200 edged down 0.1% to 8,218.40.
In the US, Wall Street saw a slight dip. The Dow Jones Industrial Average slipped 0.1% to 42,454.12, the S&P 500 fell 0.2% to 5,780.05, and the Nasdaq Composite eased by 0.01% to 18,282.05.
In the bond market, the yield on the benchmark US 10-year Treasury notes remained mostly unchanged at 4.07%, after briefly reaching 4.1% earlier in the day.
