America News Agency

Investors in Asia assessed the Bank of Korea's (BOK) rate decision. The BOK cut its benchmark interest rate by 25 basis points to 3.25 percent, its first rate cut since 2020. The decision marks the end of a multi-year tightening cycle that sent rates to a 15-year high in 2023.

The decision comes as inflation in South Korea eased to 1.6 percent in September, the lowest level since early 2021 and below the central bank’s medium target of 2 percent. Mainland China’s CSI 300 blue-chip index was down 2.1 percent as the stimulus-fueled rally continued to lose steam. Hong Kong markets were closed Friday for a public holiday.

Japan’s Nikkei 225 jumped 0.7 percent on open while the broad-based Topix edged up 0.4 percent. South Korea’s blue chip Kospi gained 0.6 percent and the small cap Kosdaq added 0.1 percent. Australia’s S&P/ASX 200 slipped 0.1 percent.

In the U.S., the S&P 500 lost 0.21 percent to settle at 5,780.05 while the Dow Jones Industrial Average dropped 0.14 percent to finish at 42,454.12. The Nasdaq Composite dipped 0.05 percent to end at 18,282.05.

Oil prices retreated after climbing more than 3 percent on Thursday as households and car owners increased fuel use ahead of Hurricane Milton and concerns mounted that the Middle East conflicts could escalate risks for Iran’s oil sites.

Brent futures dipped 0.35 percent to $79.11 a barrel, while the U.S. West Texas Intermediate crude slid 0.34 percent to $75.6 a barrel.