South Korea GDP, Central Bank, Currencies, Oil

SINGAPORE — Asia-Pacific stocks were flat on Tuesday as South Korea’s gross domestic product beat estimates.

Japan’s Nikkei 225 was little changed and the Topix index rose 0.1%.

In Australia, the S&P/ASX 200 was marginally higher.

The Kospi in South Korea was slightly lower while the Kosdaq was slightly higher.

The Bank of Korea estimates that South Korea’s economy grew 0.7% in the second quarter compared to the first quarter of 2022, compared to 0.4% growth expected by analysts in a Reuters poll. The country’s GDP grew by 0.6% in the January-March quarter.

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The Bank of Japan released minutes of its June meeting on Tuesday after keeping interest rates at ultra-low levels last week.

BOJ Policy Board members said the economy was on track to recover from the impact of Covid but still needed strong financial support due to pressure from rising commodity prices.

“They also agreed on the need to pay due attention to developments in the financial and foreign exchange markets and their impact on economic activity and prices in Japan,” the minutes said.

The Japanese yen has weakened as the country’s monetary policy diverges from the Fed and much of the developed world.

The Japanese yen traded at 136.49 per dollar, stronger than last week.

In the US, the S&P 500 gained 0.1% overnight to close at 3,966.84. The Dow Jones Industrial Average rose 90.75 points, or 0.3%, to 31,990.04. The tech-heavy Nasdaq Composite fell 0.4% to 11,782.67.

currencies

The US Dollar Index, which tracks the greenback against a basket of its peers, came in at 106.439, off this month’s highs.

The Australian dollar was at $0.6951.

The Aussie rose in line with higher commodity prices but is expected to trade in a narrow range ahead of Wednesday’s inflation data report, Joseph Capurso, head of international economics at the Commonwealth Bank of Australia, wrote in a note on Tuesday.

https://www.cnbc.com/2022/07/26/asia-markets-south-korea-gdp-central-bank-currencies-oil.html South Korea GDP, Central Bank, Currencies, Oil

Joshua Buckhalter

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