Asian markets trade mixed as South Korea's KOSPI plunges nearly 7%

Macro
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Asian equity markets traded mixed on Thursday, with South Korea's benchmark KOSPI plunging nearly 7% to around 6,780 after the Bank of Korea delivered a widely anticipated 25-basis-point interest rate hike to 2.75%, initiating a fresh monetary tightening cycle. Japan's Nikkei fell 2.84% to below 67,000 and the broader Topix Index declined 0.8% to 4,055, while China's Shanghai Composite dropped 0.84% to a more than three-month low of 3,912 and the Shenzhen Component slid 1.6% to 14,548, pressured by a broad selloff in technology shares. Hong Kong's Hang Seng rose 2.10% to 24,995, extending its recent upward trajectory, and India's Sensex gained 0.22% to 77,423 at the open, led by a rebound in IT stocks. U.S. equity futures remained largely flat ahead of the opening bell, with Nasdaq 100 futures ticking up 0.03%, while S&P 500 and Dow futures gained 0.09% and 0.08%, respectively. In commodities, crude oil fluctuated around $80 per barrel and safe-haven gold extended its near-term decline, slipping toward the $4,000 per ounce mark.

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