Newscasts - Asia Markets Briefing: Korea stocks on track for their worst month since January

HYBE

29/11/2024 09:03

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Source: 'Reuters - Business videos'

Description: The Kospi was down another 2% on Friday, rounding out another
bruising week for Korean stocks. Meanwhile in Japan the Yen was on track for
its biggest weekly rise in four months, after strong inflation data from Tokyo
raised hopes for another hike to interest rates.
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Video Transcript:

Korean stocks fall. They're on track for their worst month since January.
Welcome to Asia Markets Briefing. I'm Thomas Warner. KOSPI was down another 2%
on Friday, rounding out another bruising week for Korean stocks. Fear of Trump
tariffs and signs of a slowing in the wider economy mean the index is down 4%
in November, the fifth straight month of losses. Investors will get more
insight into how the country is getting on this Sunday, when export figures
for November are due out. Economists polled by Reuters are expecting those
numbers to reach a 14-month low on slowing demand from the US. But it was the
world of showbiz that provided Friday's biggest faller. K-pop agency HYBE fell
7% on news at the group, NewJeans want to leave their agency, which is a high
subsidiary. The group accounts for a full 10% of homes revenue. Zooming out
now from Korean pop music and the wider regional index was essentially flat on
Friday. Trading was thin after US markets were closed on Thursday for
Thanksgiving. Wall Street will reopen on Friday, but activities likely to be
subdued. The NIFTY 50 traded higher, benefiting from a recovery in Adani Group
shares panic over the US indictment of its chairman last week appears to be
easing. And on the Nikkei the big exporters took a knock from a surging Yen.
The Japanese currency is now on track for its biggest weekly rise in four
months. After strong inflation data from Tokyo raised hopes for another hike
to interest rates. Core consumer prices rose 2.2% in November, above the Bank
of Japan's 2% target. Traders now put the chance of a December rate hike at
60%, having been evenly split before that data. Let's have a look at today's
main corporate stories now and HSBC's pulling back from its credit card
business in China, eight years on from its launch. Sources tell Reuters, the
banks simply struggled to make the business profitable and has already stopped
issuing new cards. Chinese consumers have tightened their spending since HSBC
launched the service in 2016, shrinking the overall size of the credit card
market. And on the subject of Chinese economic woe. Bloomberg is reporting
today that the CEO of New World Development Eric Ma, is to step down just two
months after being appointed. The Hong Kong based property developer just
reported a loss of more than $2.5 billion for the year ending June. It's one
of many developers struggling to survive a slump in property demand. And back
in Shanghai, brokerage Jefferies has cast doubt on demand for Huawei's Mate 70
smartphone. It says online discussions suggest that the new phone, which was
launched on Tuesday, is now unlikely to outsell its predecessor, the Mate 60
and that could be a boom for sales of Apple's iPhone. Looking ahead now and
we've still got India's GDP print for the second quarter to come on Friday
evening, New Delhi time. And next week, there are some fresh PMI's from across
Asia with China, Japan and Korea all in focus. Investors will be looking for
insight into how the wider regions reacting to renewed uncertainty over US
trade. And that's it from your Asia Markets Briefing