Asia-Pacific markets displayed a mixed performance on Wednesday after a major decline in major Wall Street indices as investors braced themselves for crucial inflation data that may sway the interest rate decisions of the Federal Reserve.
China began its annual economic work conference on Wednesday, where it unveiled its economic strategies and growth objectives for the upcoming year.
There was a reverse in the Hang Seng index in Hong Kong with trade 0.76% low at the end of the day. Meanwhile, the CSI 300 index in mainland China saw a decline of 0.17% eventually finishing at 3,988.83.
Blue-chip Kopsi of South Korea saw an increase by 1.025 and closed at 2,442.51 whereas the small-cap Kosdaq surged 2.17% to reach 675..92. This comes as the result of the approval of a lower budget of 673.3 trillion won by the parliament for 2025 on Tuesday. It marks a notable first where a spending bill was cut without the agreement of government ministries.
On the same day plans by South Korea’s corruption investigation office for high-ranking officials were announced to pursue the detention and arrest of President Yoon Suk Yeol, contingent on certain conditions. This development came after the reports of police raids at the Presidential office linked to an inquiry into Yoon’s brief declaration of Martial law.
Nikkei 225 saw a slight increase whereas a growth of 0.295 was observed in the broader Topix index in Japan. Conversely, a fall was seen in Australia’s S&P/ASX 200 by 0.475. Investors are eagerly waiting for the US consumer price index report for November which is supposed to be released soon. It could significantly impact the Federal Reserve’s interest rate trajectory during the policy meeting which is scheduled for December 17-18. The expected economic growth shows a slight increase to a 2.7% annual inflation rate.
Thanks for choosing to leave a comment. Please keep in mind that all comments are moderated according to our comment Policy.
