South Korea GDP, ECB meeting, oil and currencies

Australian shares jumped in early trade, as latest figures showed that South Korea’s economy continued to slow. Investors, meanwhile, look ahead to the European Central Bank meeting on Thursday.The S&P/ASX 200 rose in early trade, jumping 0.62%. Futures pointed to a higher open for Japanese shares, meanwhile.In South Korea, a few companies are expected to report earnings on Thursday. That includes chip giant SK Hynix, steelmaker Posco, as well as Hyundai Motor and Kia Motor.The country reported its gross domestic product numbers on Thursday. South Korea’s economy slowed in the third quarter, growing at 0.4%, according to Reuters, citing preliminary central bank estimates.South Korea’s economy has been slowing this year, hit by the U.S.-China trade war. In October, it cut its interest rate for the second time in three months to prop up growth.Over in Indonesia, its central bank is expected to make its rate decision.Investors will await the European Central Bank’s (ECB) meeting, set to take place on Thursday. It’s the final one for current President Mario Draghi, who will end his eight-year term at the ECB at the end of the month. Expectations are low for any new policy announcements Thursday — six weeks after the central bank unveiled a massive stimulus package.Brexit developments continued to dominate overnight. Media reports in the U.K. suggest that Downing Street will push for an election if the Brexit deadline is delayed until the end of January next year.Meanwhile, the EU has to decide if it would grant the extension. One EU official, who did not want to be named due to the sensitivity of the issue, told CNBC that EU leaders could decide on the delay as early as Thursday.The sterling gained back its losses incurred the day before, climbing back above 1.29 against the dollar. It was last at 1.2915.Over on Wall Street, stocks notched slight gains, bringing the S&P 500 closer to a record last seen in July.Currencies and oilThe U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.491, sliding from an earlier high of 97.650.The Japanese yen traded at 108.64, strengthening slightly from 108.69 seen earlier. The Australian dollar changed hands at $0.6850 following a low of $0.6847 seen earlier.What’s on tap:Here’s the economic calendar for Thursday (all times in HK/SIN):08:30 a.m.: Japan manufacturing PMI04:30 p.m.: Hong Kong exports and imports dataIndonesia rate decisionEarnings: SK Hynix, Posco, Hyundai Motor, Kia Motor— CNBC’s Sam Meredith contributed to this report.

Show More

Related Articles