As South Korea’s first-quarter GDP beats expectations, Asian markets take a breather

Commercial and residential buildings are seen from the roof of the Lotte World Tower during sunset on Tuesday, Nov. 28, 2023, in Seoul, South Korea.

Bloomberg |

Asia-Pacific markets took a breather after two consecutive days of gains, echoing moves on Wall Street ahead of U.S. first-quarter gross domestic product data on Thursday.

In Asia, investors expect South Korea’s first-quarter GDP to grow 3.4% year-on-year, the highest quarterly growth since the fourth quarter of 2021.

In addition, the Bank of Japan will hold a monetary policy meeting on Thursday and investors will focus on steps taken in response to the yen’s weakness. The yen fell below the 155 mark against the dollar on Wednesday, hitting a 34-year low.

of Japan Nikkei 225 index It fell 1.2%, with Topix falling 0.65%. The Japanese yen is still trading at 155.26, breaking the 155 mark against the US dollar.

Korean Cospy It also fell 1%, while the Kosdaq index of small-cap stocks was marginally lower.

Hong Kong Futures Hang Seng Index The Hang Seng Index closed at 17,185 points, a weaker start than the Hang Seng Index’s closing point of 17,201.27 points.

Markets in Australia and New Zealand were closed for public holidays.

Overnight, the three major US stock indexes traded in a narrow range as interest rate worries dampened enthusiasm for strong corporate earnings.

Rising US Treasury yields weigh on stocks.Intraday high, benchmark 10-Year Treasury Bill Yields exceeded 4.67%, while interest rates 2 year note Breaking through 4.95%

this S&P 500 Index Barely 0.02%, when Dow Jones Industrial Average 0.11% less Nasdaq Composite Index It rose marginally by 0.1%.

—CNBC’s Brian Evans and Alex Haring contributed to this report.