Global Markets Tense Amid Economic Data and Trade Deals

Asian equities experienced a downturn on Thursday following weaker-than-expected Chinese economic data and a significant decline in copper prices. Market participants also juggled the implications of a new trade agreement between South Korea and the United States.

The U.S. dollar maintained its strength near a two-month high, buoyed by the Federal Reserve's decision to hold interest rates steady and robust earnings reports from major tech companies, including Microsoft and Meta Platforms. This news propelled Nasdaq futures up by 1.2%, while S&P 500 futures rose by 0.8%.

Eyes are now on the upcoming Bank of Japan policy meeting, as traders look for signs from Governor Kazuo Ueda on potential future rate hikes. Elsewhere, U.S. economic data revealed a GDP growth rebound, though concerns linger about the broader economic outlook amid ongoing trade tensions and geopolitical uncertainties.

(With inputs from agencies.)