Asia-Pacific markets mostly declined on Thursday after U.S. stocks dropped overnight, with the Dow Jones Industrial Average experiencing its worst day in more than a month.
South Korea narrowly avoided a technical recession, with its third-quarter GDP growing 0.1% quarter-on-quarter, following a 0.2% contraction in the second quarter. However, this growth missed Reuters’ expectations of 0.5%. On a year-on-year basis, the economy grew by 1.5%, below the anticipated 2%.
Following the GDP report, South Korea’s Kospi dropped 0.15%, while the small-cap Kosdaq fell 0.65%. In Japan, the Nikkei 225 reversed earlier losses to rise 0.2%, though the Topix declined by 0.21%. Australia’s S&P/ASX 200 also managed to recover, gaining 0.31%.
In Hong Kong, the Hang Seng index fell 0.93%, and mainland China’s CSI 300 declined by 0.93%. Meanwhile, U.S. markets continued their losing streak, with the S&P 500 down 0.92%, the Dow falling 0.96%, and the Nasdaq Composite losing 1.6%, driven by higher Treasury yields.
The post Thursday 24th October 2024: Asia-Pacific Markets Fall as U.S. Stocks Slump first appeared on IC Markets | Official Blog.
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