“Asia stock markets poised for a rebound as investors pin hopes on positive economic data and easing trade tensions, taking cues from Wall Street’s overnight rally.”
South Korea stocks experienced a decline in the Asia-Pacific markets on Thursday as investors analyzed data that revealed the economy’s growth in the third quarter exceeded expectations. According to the Bank of Korea, gross domestic product increased by 0.6% in the July-September quarter compared to the previous quarter. The South Korean central bank is scheduled to conduct its next policy meeting in late November.
South Korea’s Kospi index opened 1.51% lower, while the tech-heavy Kosdaq index dropped 2.3%. Japan’s Nikkei 225 also opened 1.30% lower. In Australia, the S&P/ASX 200 fell by 0.4%. Meanwhile, futures for Hong Kong’s Hang Seng index indicated a slightly higher open compared to its previous close.
In the US, the S&P 500 closed below a key level on Wednesday due to disappointing quarterly results from Alphabet, the parent company of Google, and an increase in interest rates. The benchmark index dropped 1.43% to close at 4,186.77, falling below the significant 4,200 level that many chart analysts were monitoring. This marked the first time since May that the S&P 500 closed below this threshold. The Dow Jones Industrial Average fell by 105.45 points, while the Nasdaq Composite lost 2.43%.
Please note that CNBC’s Brian Evans and Hakyung Kim contributed to this report.