The sell-off in the US stock market may spread to Asia, with the Nikkei briefly falling over 2%. The Korean won strengthened by 1% after the speech by the South Korean finance minister
After the U.S. government restarted the digestion of favorable policies, the market focus shifted to economic data and Federal Reserve policies. In early trading on Friday, major Asian stock markets were generally under pressure. The Nikkei 225 index saw its decline widen to 2%, with technology investment giant SoftBank Group leading the drop, with its stock price plummeting by 9%. The Seoul Composite Index opened down 2.6%, while S&P 500 index futures rebounded slightly by 0.16%
Affected by the significant decline in overnight risk assets, Asian stock markets are likely to face pressure on Friday.
After the U.S. government resumed favorable digestion, market focus has shifted to economic data and Federal Reserve policy. According to Wall Street News, the hawkish remarks from Federal Reserve officials have led to a drop in the expectation of a rate cut in December to below 50%. Additionally, Asian investors are awaiting the release of China's housing prices, retail sales, and unemployment rate data on Friday.
In the early trading session on Friday, major Asian stock markets were generally under pressure. The Nikkei 225 index opened down 1.3%, and the decline quickly expanded to 2%, with technology investment giant SoftBank Group leading the drop, with its stock price plummeting by 9%.
(The Nikkei 225 index once fell more than 2%)
The Korea Composite Stock Price Index opened with a sharp drop of 2.6%, and market risk aversion sentiment significantly intensified.
(The Korea Composite Stock Price Index opened down 2.6%)
U.S. stock futures showed a slight easing of the downturn, with S&P 500 futures rebounding slightly by 0.16%.
In the foreign exchange market, the Korean won experienced significant volatility. The South Korean finance minister expressed concerns about the increasing uncertainty in the foreign exchange market and is prepared to take all available measures to actively stabilize the market, including discussions with exporters and pension funds on countermeasures.
The strong intervention signals from the South Korean authorities had an immediate effect, with the won/USD exchange rate performing a V-shaped reversal, quickly turning from a decline to an increase, with intraday gains expanding to nearly 1%.
The overnight sharp decline in cryptocurrencies showed a rebound trend during Friday's Asian trading session, with Bitcoin prices expected to retest $100,000.
