Asian markets are catching a breath after South Korea beat its first-quarter GDP forecast

The Japanese yen fell past 155 yen against the US dollar, hitting a new 34-year low.

The currency was last traded at 155.37 against the strong dollar.

Japanese authorities have acknowledged the yen’s weakness for about a month, but investors are waiting for clearer steps to halt the currency’s decline.

The Bank of Japan’s monetary policy decision on Friday will be closely watched for any action against a weaker yen as well as the outlook on inflation.

– Shreyashi Sanyal

South Korea recorded GDP growth of 3.4% in the first quarter, exceeding the 2.4% expectations of economists polled by Reuters, and representing its highest quarterly growth since the fourth quarter of 2021.

On a quarterly basis, GDP rose 1.3%, also beating Reuters’ forecast of 0.6%.

Exports from South Korea in the first quarter rose by 0.9%, with increased exports of information technology products, such as mobile phones. Imports contracted by 0.7%, due to a decrease in imports of electronic equipment.

– Lim Hui Ji

Bitcoin is set to post further price gains later this year, even after a recent price decline, according to a senior cryptocurrency analyst at Standard Chartered Bank.

Jeffrey Kendrick, head of foreign exchange, western and digital assets research at Standard Chartered Bank, said in a research note this week that he expects bitcoin to rise to $150,000 per coin and ethereum to reach $8,000 by the end of 2024 — doubling year-on-year. Bullish forecasts from the bank earlier this year.

CNBC Pro subscribers can read more here.

– Ryan Brown

Attractive returns and breadth of opportunities are among the many reasons why investors have historically preferred investing in the United States over Europe.

However, one strategist looks intently at European stocks, noting that “Europe is not a boring market.”

There is a huge element of growth, [and investors] “You just have to dig a little deeper than in the U.S. where it’s very easy to find growth names right now,” said Michael Field, European market strategist at Morningstar.

“Europe is structuring. If you look at the macro environment right now, there are probably going to be bigger tailwinds for European stocks than there are in the US,” he added, naming the stocks he now favors.

CNBC Pro subscribers can read more here.

– Amala Balakrishner

Tony Dwyer, chief market strategist at Canaccord Genuity, told CNBC on Wednesday that he remains optimistic about the stock market in 2024 despite the recent swoon.

“Our game plan coming into this year was to take some corrective actions, based on just the historic run we’ve had, and we’re in that process. And I think once you work your way through that, things will work out,” Dwyer said on “Squawk on the Street.” “To prepare for a really good end to the year.”

Broader earnings growth should help stocks, as well as the potential for multiple interest rate cuts this year, Dwyer said. He said that the market has now become very pessimistic about interest rate cuts.

“Just as the seven rate cuts at the end of December were excessive, just one rate cut may be too much,” Dwyer said.

-Jesse Pound

Three stocks combined to hold back the Dow Jones Industrial Average by a total of 60 points on Wednesday.

Home Depot lowers the average by 26 points, McDonald’s lowers it by 19 points and Johnson & Johnson lowers it by about 15 points.

Unlike the market-cap-weighted S&P 500, where larger companies have more influence on its calculations and smaller companies have less, the Dow Jones Industrial Average has relied on the stock prices of individual companies since its founding in the 19th century. Today, every $1 move in any stock in the Dow Jones Industrial Average moves the average up or down by 6.59 points.

-Scott Schnepper