korean peninsula: The projectiles were a new type of short-range missile and posed a military threat which risked undermining the peace process on the Korean Peninsula, South Korea's Ministry of Defense said, according to CNN. The market losses in Seoul came despite a stronger-than-expected rebound in South Korea's economy in the second quarter. The Kospi index closed down 0.4% after the country's military said that Pyongyang had launched two missiles toward the East Sea, also known as the Sea of Japan. GDP rose by 1.1% following a surprise contraction in the first three months of the year, according to data published Thursday. Read More South Korea missed out on modest gains across other Asian markets, which were drawing support from confirmation of new US-China trade talks and hopes of central bank stimulus.US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer will travel to Shanghai to meet with Chinese Vice Premier Liu He and other officials for trade talks starting on July 30, the White House said in a statement on Wednesday. We expect GDP growth to remain moderate over the rest of the year amid heightened trade uncertainties, but recent monetary easing by the Bank of Korea will provide some support, Oxford Economics said in a note.
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