Global Markets:
China stocks led declines in Asia-Pacific markets on Friday, as Wall Street benchmarks fell overnight following a U.S. inflation report. Mainland China’s CSI 300 index dropped 3.44% in afternoon trading, as the stimulus-driven rally lost momentum. Hong Kong markets were closed for a public holiday.
China’s Ministry of Finance will hold a press conference on Saturday, expected to announce a new fiscal stimulus package aimed at boosting the economy.
Investors also reacted to the Bank of Korea’s decision to cut its benchmark interest rate by 25 basis points to 3.25%, marking the end of a multi-year tightening cycle. South Korea’s inflation fell to 1.6% in September, below the central bank’s 2% target.
Oil prices retreated after rising more than 3% on Thursday amid concerns about Middle East tensions and increased fuel demand ahead of Hurricane Milton. Brent futures dipped 0.35% to $79.11 a barrel, while U.S. crude slipped 0.34% to $75.6 a barrel.
Japan’s Nikkei 225 gained 0.4%, supported by financial and healthcare sectors, while the broader Topix fell 0.24%. South Korea’s Kospi and Kosdaq both closed slightly lower, and Australia’s S&P/ASX 200 fell 0.1%.
In the U.S., the S&P 500 lost 0.21%, the Dow Jones dropped 0.14%, and the Nasdaq Composite dipped 0.05%. U.S. inflation rose 0.2% month-on-month, with annual inflation at 2.4%, slightly above forecasts, raising concerns about the Federal Reserve’s pace of future rate cuts.
The post Friday 11th October 2024: Asian Markets Drop as China Leads Losses Amid Inflation Worries first appeared on IC Markets | Official Blog.
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