Asia-Pacific markets mixed amid global political unrest in South Korea and France; bitcoin crosses $100,000

Asia-Pacific markets trade mixed on Wednesday after the three major U.S. indexes settled at new record highs, however the sentiment remained cautious amid political unrest in South Korea and France. Japan ( NKY:IND ) rose +0.47% to around 39,460 while the broader Topix Index rose 0.2% to 2,745 on Thursday the Japanese yen strengthened towards 150 per dollar on Thursday, recovering some losses from the previous session, despite dovish remarks from Bank of Japan board member Toyoaki Nakamura. Nakamura expressed concerns about the sustainability of wage growth and noted signs of weakness in the economy, suggesting he may be opposed to a rate hike in December. Traders now await Japanese wage figures on Friday to guide the rates outlook further. China ( SHCOMP ) fell -0.19% to around 3,370 and the Shenzhen Component up 0.3% to 10,636, recovering losses from the previous session. However, concerns over China’s economic challenges and escalating trade tensions with the US kept investors cautious. Hong Kong ( HSI ) fell -1.20% to 19,544 on Thursday morning, following a muted session the previous day, due to widespread sector losses. India ( SENSEX ) fell -0.39% to 80,666 in early trade on Thursday, halting the bullish impulse in the prior four sessions, weighed down by pharmaceuticals, healthcare, banking, and financial services. Traders profit taking after the index hit an over six weeks high a day before while ahead of the RBI monetary policy meeting on Friday. Australia ( AS51 ) rose +0.15% to around 8,480 on Thursday, recouping losses from the previous session. The Australian dollar stabilized around $0.643 on Thursday after data revealed that Australia posted its largest trade surplus in eight months for October , driven by a recovery in exports. The South Korean won ( USD:KRW ) weakened past 1,415 per dollar, hovering near its lowest level in over two years, as cautious sentiment persisted despite a series of government measures to stabilize markets amid political turmoil. On Wednesday, the Bank of Korea pledged liquidity support and expanded repurchase agreements to ease market anxiety after President Yoon’s brief martial law, while the financial regulator prepared a 10 trillion won ($7.07 billion) stock stabilization fund. In economic news, South Korea’s economy grew 0.1% in Q3 2024, rebounding from a 0.2% contraction and matching advance estimates, with annual growth at 1.5%. In the U.S., on Wednesday, all three major indexes ended higher, bolstered by a solid performance in the tech sector and encouraging earnings reports from major companies. U.S. stock futures remained steady on Thursday, following a strong rally that saw major indices hit new record highs in the previous session: Dow flat ; S&P 500 -0.05% ; Nasdaq -0.13% . Bitcoin ( BTC-USD ) prices soared above the key $100,000 mark on Thursday, reaching new all-time highs, as Donald Trump’s imminent return to the White House raised optimism about a friendlier regulatory environment for the crypto industry. Investors are now awaiting Friday’s November jobs report for further insights into the Fed’s policy direction. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: Australia reports largest trade surplus in eight months for Oct, driven by rebound in exports Japan services PMI revised higher to 50.5 in November amid growth in new orders China’s services PMI fall in November from October’s three-month high, misses expectations Australia’s economy grows at weaker-than-expected pace in Q3; services activity remains in expansion South Korea to infuse additional capital to stabilize markets

Source: Seeking Alpha