{"id":117130,"title":"What happened overnight – Friday 11th October 2024","publisher":"Share Talk","author":"sharetalk","published":"2024-10-11T06:26:19+00:00","modified":"2024-10-11T06:26:19+00:00","canonical_url":"https://www.share-talk.com/what-happened-overnight-friday-11th-october-2024/","markdown_url":"https://www.share-talk.com/what-happened-overnight-friday-11th-october-2024.md","json_url":"https://www.share-talk.com/what-happened-overnight-friday-11th-october-2024.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["AI-focused","Asian market","Asian markets","Bank of Japan","Bank of New York","bond market","china","chips","currency","Dow Jones","JP Morgan","Nvidia","Russia","semiconductor","Shenzhen Composite Index","South Korea","US recession","USA","Wall Street"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/09/WORLD-750x406-1-1.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"Asian markets showed mixed results on Friday as investors reacted to underwhelming US inflation data.\n\nIn 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%.\n\nMeanwhile, 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.\n\nIn 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.\n\nSouth Korea’s Kospi gained 0.4%, closing at 2,610.64.\n\nAustralia’s S&P/ASX 200 edged down 0.1% to 8,218.40.\n\nIn 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.\n\nIn 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."}