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Equity Alert: Indices in Asia mixed Thu; KOSPI higher after 2-day fall

MUMBAI--0810 IST--Most Asian indices were trading higher Thursday following the US Federal Reserve cutting key interest rate by 25 basis points. South Korea's KOSPI, which closed lower for the previous two straight sessions, led the pack of gainers in early trade. Hong Kong's Hang Seng Index extended gains for the second straight session.

The Federal Reserve cut its overnight lending rate by 25 basis points, bringing the targeted range to 3.50-3.75%. The median GDP growth was revised upwards to 1.7% annual growth on year in the December quarter of 2025 from 1.6% previously. The estimate for 2026 was also revised upwards by 50 bps to 2.3%.

Mainland China's CSI 300 index was up after two straight sessions of closing lower. Australia's S&P/ASX 200 index rose after closing in negative territory for three straight sessions. Japan's Nikkei 225 gained in early trade, but reversed later and moved to negative territory. Shares of SoftBank Group Corp. fell over 6%, following disappointing earnings from Oracle. This signalled worries regarding artificial intelligence companies' profitability.

Shares of China-based technology company, ZTE Corp, fell over 7% following a Reuters report that the company may need to pay more than $1 billion to the US government to settle allegations of foreign bribery, according to a CNBC report.

Following were the levels of key Asian indices at 0800 IST:

(Arundathi A R)

Equity Alert: Indices in US close higher Wed on 25-bps rate cut by Fed 

MUMBAI--0730 IST--Benchmark equity indices in the US closed higher Wednesday as the US Federal Reserve cut its key interest rate by a quarter-percentage point. After falling for the previous two consecutive sessions since Monday, the Dow Jones Industrial Average rallied and closed over 1% higher. The small-cap Russell 2000 index outperformed the large-caps with a 1.3% gain, hitting a fresh all-time high, according to various news reports.

The Federal Reserve cut its overnight lending rate by 25 basis points, bringing the targeted range to 3.5-3.75%, CNBC reported. Market participants raised estimates for GDP growth in 2026 to 2.3% from 1.8% and expectations of a 4.4% unemployment rate at the end of next year remained, Reuters reported.

Industrial stocks made the largest gains in the S&P 500 index. Energy equipment manufacturer GE Vernova jumped nearly 16% after the company forecast higher revenue in 2026, showing strong demand for its artificial intelligence-related infrastructure. On the other hand, defensive utilities stocks were the biggest laggards, Reuters reported.

Shares of regional banks rose during the session, following the Fed's decision to cut rates. Shares of State Street SPDR S&P Regional Banking rose over 3%. Truist Financial Corp. and Huntington Bancshares also ended over 3% higher. Shares of M&t Bank Corp. ended nearly 4% higher.  

Following are the closing levels of US indices Wednesday:

(Arundathi A R)

US$1 = INR 89.97

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Vandana Hingorani

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

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