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South Korea GDP Contracts 0.2% In Q2
South Korea's gross domestic product was down a seasonally adjusted 0.2 percent on quarter in the second quarter of 2024, the Bank of Korea said on Thursday.
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Bargain Hunting May Lift South Korea Shares
The South Korea stock market has finished lower in two straight sessions, plunging more than 100 points or 3.9 percent along the way. The KOSPI now rests just above the 2,580-point plateau although it may see mild support on Thursday.
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South Korea GDP Data Due On Thursday
South Korea will on Thursday release Q2 numbers for gross domestic product, highlighting a busy day for Asia-Pacific economic activity. GDP is expected to slip 0.2 percent on quarter and rise 2.3 percent on year - both unchanged from the previous month.
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TSX Fails To Hold Early Gains, Ends Marginally Down
Despite the Bank of Canada's decision to cut interest rates for a third straight month, the Canadian market failed to hold early gains and settled slightly down on Wednesday, weighed down by losses in the energy sector.
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Dollar Drifts Lower Against Major Counterparts
The U.S. dollar shed ground against its major counterparts on Wednesday after data showed a drop in job openings in the month of July, and comments from Atlanta Fed President Raphael Bostic raised the possibility of a larger interest rate cut by the Federal Reserve this month.
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Fed's Beige Book Shows Increase In Districts Reporting Flat Or Declining Activity
Ahead of its monetary policy meeting later this month, the Federal Reserve released its Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts. While the Beige Book said economic activity grew slightly in three districts, the number of districts reporting flat or declining activity rose from five in the prior period to nine in the current period.
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Dovish Fed Comments, Weak Job Openings Data Send U.S. Dollar Down
The U.S. dollar weakened against its major counterparts in the New York session on Wednesday, as job openings came in below expectations in July, raising the possibility of a larger interest rate cut by the U.S. Federal Reserve at the meeting this month.
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Swiss Market Ends Sharply Lower
The Switzerland market ended sharply lower on Wednesday, tracking weakness in global markets amid rising concerns about economic slowdown in the U.S. and China.
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European Stocks Close Lower Again On Growth Worries
European stocks closed lower on Wednesday on weak global cues amid concerns about the outlook for growth after data showed continued contraction in U.S. factory activity, and cooling labor market. A downward revision in Eurozone composite PMI weighed as well.
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Canadian Market Modestly Higher After BoC Delivers Another Rate Cut
Canadian stocks are up in positive territory Wednesday morning with investors reacting to the Bank of Canada's decision to reduce interest rates by 0.25 basis points for the third straight month.
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U.S. Factory Orders Rebound Slightly More Than Expected In July
After reporting a steep drop by new orders for U.S. manufactured goods in the previous month, the Commerce Department released a report on Wednesday showing factory orders rebounded by slightly more than expected in the month of July. The Commerce Department said factory orders spiked by 5.0 percent in July after plunging by 3.3 percent in June.
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U.S. Job Openings Dip More Than Expected In July
A report released by the Labor Department showed a modest decrease by job openings in the U.S. in the month of July. The Labor Department said job openings edged to 7.67 million in July from a downwardly revised 7.91 million in June.
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Bank Of Canada Cuts Interest Rates By Quarter Point For Third Straight Meeting
For the third straight meeting, the Bank of Canada on Wednesday announced that is decided to lower interest rates by another quarter point. The Bank of Canada announced its widely expected decision to reduce its target for the overnight rate by 25 basis points to 4.25 percent, with the Bank Rate at 4.50 percent and the deposit rate at 4.25 percent.
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