South Korea GDP, yen weakens

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

South Korea GDP, yen weakens

Commercial and residential buildings are illuminated at dawn in Seoul, South Korea, on Saturday, Oct. 21, 2023. South Korea has prepared a financial support program of 75.9 trillion won ($56.97 billion) for companies increasing investment in key sectors as well as small businesses struggling with the impact of high interest rates.

Bloomberg | Bloomberg | Getty Images

Asia-Pacific markets were set to fall Thursday after U.S. stocks dropped overnight, with the Dow Jones Industrial Average posting its worst day in more than a month.

In Asia, 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. It, however, missed Reuters estimates of 0.5% growth.

On a year-on-year basis, South Korea’s economy grew 1.5%, also slower than the 2% increase expected by economists.

Japan’s Nikkei 225 was set to fall, with the futures contract in Chicago at 37,970 and their counterpart in Osaka at 37,840 against the index’s last close of 38,104.86.

Futures for Hong Kong’s Hang Seng index stood at 20,513, pointing to a weaker open compared to the HSI’s close of 20,760.15.

Australia’s S&P/ASX 200 started the day down 0.30%.

Overnight in the U.S., all three major indexes fell, with both the Dow and S&P 500 notching their third straight losing session, weighed down by higher Treasury yields.

The S&P 500 lost 0.92%, and the 30-stock Dow plunged 0.96%. The Nasdaq Composite lost 1.6%.

— CNBC’s Pia Singh and Brian Evans contributed to this report.

This is the hidden content, please

• Sign In
• or
• Sign Up

#South #Korea #GDP #yen #weakens

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up