Asian shares are trading mixed, despite some optimism following a rally on Wall Street on better-than-expected profit reports from major companies.
A currency trader gestures near a screen showing the Korea Composite Stock Price Index and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 22, 2024. – Asian shares traded mixed Thursday, despite some optimism following a rally on Wall Street on better-than-expected profit reports from major companies.
South Korea’s Kospi shed 0.1% to 2,697.43. The Bank of Korea is holding its monetary policy meeting, where no rate action is expected, although views are divided on how the votes will go.a day after breaking an eight-day winning streak, its longest of the year. The index is back to 5,620.85 — within 0.8% of its all-time high set in July.
Worries have been growing about whether shoppers in the United States can keep up their spending and keep the slowing economy out of a recession. Inflation is slowing, but prices are nevertheless much higher than before the pandemic.
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