South Korea Shines Amidst Asia Market Decline Following Powell's Remarks

South Korea's Kospi closed 0.72% lower, while the Kosdaq ended 1.69% lower. Japan's Nikkei 225 fell 0.24%, Hong Kong's Hang Seng index shed 1.74%, and China's CSI 300 index closed 0.73% lower. Australia's S&P/ASX 200 ended 0.55% lower. China's largest chipmaker, SMIC, posted an 80% drop in third-quarter profit. Wynn Macau shares slid 9.33% as the company faces a strike in Las Vegas. SoftBank shares plunged 7.39% due to a $6.2 billion quarterly loss amid the WeWork collapse. New Zealand's manufacturing sector contracted for the eighth straight month. Fed Chair Jerome Powell expressed concerns about inflation, and the 10-year U.S. Treasury yield rose after weak demand for a bond auction. Federal Reserve Governor Michelle Bowman expects interest rates to rise, while Richmond Fed President Thomas Barkin sees a potential slowdown in the economy.