Asia-Pacific markets trade mixed after U.S. Federal Reserve keeps rates unchanged

India’s IPO numbers are strong despite perceptions of an IPO drought, Ashishkumar Chauhan, MD & CEO of the National Stock Exchange of India told CNBC’s “Inside India” Thursday.

The country saw more than 268 IPOs last year, he said.

“India is a very vibrant capital markets with huge amount of growth. And that’s where when you look at 268 IPOs … We may think it’s a drought, but overall, any country will give an arm and a leg for that kind of numbers on IPO,” he added.

He attributed the Indian economy’s resilience to its tech sector and young population that keeps consumption demand high.

Last week, India’s electric two-wheeler player Ather Energy’s $352 million IPO making it the country’s third largest this year.

He added that there are more companies in the IPO pipeline.

– Amanda Yeo, Neha Hegde

The Philippine economy expanded 5.4% year on year in the first quarter of 2025, up from the 5.3% climb in the previous quarter.

The latest reading missed the expectation of a 5.7% expansion compiled in a poll by Reuters.

The country said the main contributors to growth were sectors including manufacturing, financial and insurance activities, as well as wholesale and retail trade.

— Lim Hui Jie

The People’s Bank of China has lowered the borrowing cost of its seven-day reverse repurchase agreements by 10 basis points Thursday, following through Beijing’s monetary easing measures announced the day before.

The central bank carried out a reverse repurchase operation of 158.6 billion yuan ($21.9 billion) at a fixed rate of 1.4%, compared to 1.5% previously, according to a statement.

The reduction of the seven-day reverse repo rate, which serves as the country’s main policy rate, could lead to similar cuts in other market rates.

— Anniek Bao

South Korean electronics giant LG Electronics reportedly announced that it will build a $600 million factory in India.

The facility will be LG’s third production base in India, and will begin production by the end of 2026, South Korean media outlet Yonhap reported.

It will be able to produce 800,000 refrigerators, 850,000 washing machines, 1.5 million air conditioners and 2 million air conditioner compressors a year.

Shares of LG Electronics were down 0.28% on Thursday.

— Lim Hui Jie

Fed Chair Jerome Powell acknowledged rising headwinds to the central bank’s dual mandate on Wednesday.  

“My gut tells me that uncertainty about the economy is extremely elevated. The downside risks have increased,” Powell told reporters. 

However, he added, “The risks of higher unemployment and higher inflation have risen, but they haven’t materialized yet. … And that tells me more than my intuition,” reiterating the Fed’s decision to keep interest rates unchanged.

— Hakyung Kim

Major U.S. indexes closed Wednesday in the green, capping a volatile session for stocks as investors digested updates from the Federal Reserve and new developments on trade.

The S&P 500 added 0.43% to finish the session at 5,631.26, while the tech-heavy Nasdaq Composite gained 0.27% to end at 17,738.16. The Dow Jones Industrial Average gained 284.97 points, or 0.7%, to close at 41,113.97.

— Pia Singh

President Donald Trump told reporters Wednesday that he would not lower tariffs on China as a condition to begin trade negotiations. Members of Trump’s team are set to meet with Chinese officials in Switzerland this weekend to discuss trade matters.

The U.S. president also indicated that fentanyl was still a key issue in any potential discussions.

“They have to stop fentanyl from coming in. That’ll be a very big part,” Trump said.

— Jesse Pound, Laya Neelakandan