View of Busan Tower and the city at Yongdusan Park. Nampo-dong, Busan, South Korea.
Yang Junan | Moment | Getty Images
Shares of Korean automakers rose on Tuesday after U.S. Commerce Secretary Howard Lutnick confirmed that a 15% cut in U.S. auto tariffs on South Korea will go into effect retroactively from Nov. 1.
“We will also eliminate tariffs on aircraft parts and ‘eliminate’ South Korea’s reciprocal tariffs to be consistent with Japan and the EU,” Lutnick said, according to the Commerce Department’s X post.
Automakers Hyundai and Kia rose nearly 5% and 3%, respectively.
Korean Kospi The small-cap Kosdaq rose 0.24%, while it rose 1.74%.
South Korea’s headline inflation rate rose 2.4% in November from the same month a year earlier, government data on Tuesday showed, beating the 2.35% rise expected by economists in a Reuters poll. Core inflation, which excludes fresh food and energy prices, rose 2% year-on-year.
The latest figures are unchanged from October’s inflation figures, supporting the central bank’s insistence on keeping interest rates on hold. The Bank of Korea kept its policy interest rate unchanged at 2.5% for the fourth consecutive time at its meeting last Thursday.
Asia-Pacific benchmark indexes also mostly rose on Tuesday.
Japanese benchmark Nikkei Stock Average The index rose by 0.54%, and the TOPIX index rose by 0.44%. Financials, energy and basic materials sectors led the index gains.
Industrial robot manufacturers were among the top risers in the Nikkei Stock Average. fanucrose 5.86% after announcing a partnership with Nvidia to improve its products with AI. NGK Insulators Co., Ltd.an electrical equipment company that manufactures diesel particulate filters and advances by 6% Fujikura Added 2.29%.
The yield on 10-year Japanese government bonds rose to 1.88%, the highest level since June 2008, as expectations grew that the Bank of Japan would raise interest rates as soon as this month.
Meanwhile, the 20-year government bond yield was 2.915%, the highest level since 1999, and the 30-year government bond yield was 3.411%, a record high.
shares of Softbank Shares fell nearly 5% for the third straight session of losses as concerns about AI’s valuation continued to grow. The tech conglomerate’s CEO, Masayoshi Son, said at the FII Priorities Asia Forum on Monday that he was “very keen to sell Nvidia shares” to finance the company’s AI investments, including OpenAI.
“I wish I had unlimited money…I just needed more money to invest in OpenAI and our opportunities,” he said.
australian ASX/S&P200 It rose by 0.12%.
hong kong Hang Seng Index Mainland China’s CSI300 fell by 0.17%, although it rose by 0.49%. shares of alibaba The group rose nearly 3% in Hong Kong, marking its third straight session of gains, after the tech giant launched Quark artificial intelligence glasses in China on Nov. 27.
India’s Nifty 50 index opened 0.22 per cent lower, while the BSE Sensex index fell 0.37 per cent. Bajaj Housing Finance was among the top decliners in the Nifty 50 stocks, falling over 8% after its parent company Bajaj Finance announced it would sell up to 2% stake in its subsidiaries.
bitcoin price
U.S. stock futures were little changed during Asian hours after all three major indexes ended a five-day streak of gains as a slide in cryptocurrencies soured market sentiment.
The S&P 500 Index fell 0.53% to end at 6,812.63 and the Nasdaq Composite Index fell 0.38% to end at 23,275.92. The Dow Jones Industrial Average fell 427.09 points, or 0.9%, to settle at 47,289.33.
all night long Bitcoin It fell about 6% to trade below $86,000, hurting investor sentiment and putting pressure on the broader stock market. It was trading at $86,866.49 as of 9:30 a.m. Singapore time (Monday 8:30 p.m. ET). The digital currency has struggled to maintain the $90,000 level since falling below the $90,000 level for the first time since April late last month.
Other virtual currency related stocks coinbase and strategywhich also fell in U.S. trading hours on Monday.
Shares of artificial intelligence stocks Broadcom and Super Microcomputer fell more than 4% and 1%, respectively, indicating an increase in profit-taking in the sector.
— CNBC’s Alex Harring and Fred Imbert contributed to this report.
