Asia-Pacific markets trade mixed; Bank of Korea keeps interest rate unchanged
Asia-Pacific markets showed a mixed performance on Thursday as investors reacted to the Bank of Korea's latest policy decision and monitored currency movements and corporate developments.
Market Performance Across the Region
South Korea’s Kospi gained 0.57% after the central bank held its benchmark interest rate steady at 2.50%, aligning with expectations. The South Korean won weakened slightly, trading near 1,466.6 against the U.S. dollar. Japan’s Nikkei 225 declined 1.05%, though the broader Topix edged up 0.15%. Australia’s S&P/ASX 200 rose 0.46%. In Hong Kong, the Hang Seng index fell 0.66%, while mainland China’s CSI 300 dropped 0.42%.
Key Corporate and Currency Moves
Shares of Toyota Industries surged 5.8% after Toyota Motors announced an increased takeover bid. Conversely, Trip.com shares plummeted as much as 21% in Hong Kong following news that China’s market regulator has opened an antitrust investigation into the online travel platform.
The Japanese yen strengthened marginally to 158.34 against the dollar, with markets remaining alert to potential intervention by Japanese authorities after the currency recently hit an 18-month low.
U.S. Market Context and Tech Sector Pressure
Overnight, U.S. stocks declined for a second consecutive session, retreating from recent record highs. The S&P 500 fell 0.53%, the Dow Jones Industrial Average slipped 0.09%, and the Nasdaq Composite dropped 1%. The tech sector, particularly chip stocks, faced pressure. Broadcom fell 4%, while Nvidia and Micron Technology each lost over 1%, partly due to reports that China has restricted the import of Nvidia's H200 chips.
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