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A Chinese flag flutters on top of the Great Hall of the People ahead of the opening ceremony of the Belt and Road Forum (BRF), to mark 10th anniversary of the Belt and Road Initiative, in Beijing, China October 18, 2023.
Edgar Su | Reuters
South Korea stock markets were mixed on Thursday after the country’s central bank held lending rates for the seventh straight time, while China and Hong Kong equities fell as manufacturing activity in China contracted further.
South Korea’s central bank has held its benchmark policy rate at 3.5%, saying that although inflation in the country has been elevated, its is still projected to slow down.
Asia-Pacific markets fell as investors assessed economic data from the region.
China’s factory activity shrank for a second straight month in November, while non-manufacturing activity hit yet another new low for the year.
South Korea’s industrial output numbers surprised the market, registering a 3.5% fall compared to expectations of a 0.5% rise from economists polled by Reuters. The country will also see its central bank announce its rate decision today.
China’s CSI 300 index dipped 0.1% moments after the open, while Hong Kong’s Hang Seng index fell 0.5%.
Japan’s Nikkei 225 slid 0.34% and extended its three-day losing streak, with the Topix also down by 0.34%.
South Korea’s Kospi was flat, while the small-cap Kosdaq gained 0.55% after the monetary policy decision.
In Australia, the S&P/ASX 200 inched down marginally.
On Wednesday in the U.S., all three major indexes mainly remained near the flat line, even as the U.S. economy grew more than expected.
GDP in the third quarter accelerated at a 5.2% annualized pace, better than the 5% Dow Jones forecast and above the initial estimate of 4.9%.
The 30-stock Dow was up 0.04%, while the S&P 500 ticked down by 0.09% and the Nasdaq Composite slipped by 0.16%.
— CNBC’s Pia Singh and Brian Evans contributed to this report
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