Markets in the Asia-Pacific were set to fall ahead of China's inflation data.
Thursday. All three major indexes hit session lows in the final hour of trading — after giving up earlier gains as concerns over the Federal Reserve's future moves on monetary policy offset excitement around the latest batch of corporate earnings.K-pop stocks rally at open
Shares tied to the K-pop industry popped at open, following Hybe's announcement to acquire shares of SM Entertainment. SM Entertainment jumped more than 16%, Hybe rose 6% in Seoul's first hour of trade. JYP Entertainment rose 2.5% and YG Entertainment also rose 3.8% at the open.Hybe, the K-pop agency behind boy band BTS, announced in aThe filing said Hybe acquired the shares held by SM's founder Lee Soo-man – to hold a 14.65% stake in the company, making Hybe the largest shareholder of SM Entertainment.
The move is seen to be a delayed process following previous reports the nomination may be announced as early as today.The sell-off intensified with less than an hour left in the trading day.
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