The previous day, the US stock market started with a sharp increase following the publication of the lower producer price index, but showed high volatility, such as reducing the rate of increase as the news emerged that a Russian missile had fallen on the country Poland during trading. session. In a market where good and bad news are mixed, the KOSPI is expected to challenge the 2500 mark.
■ KOSPI seems to be trying to break through the 200th line (2499)
The fact that the US stock market rose the previous day due to the easing of inflationary pressures is expected to have a positive effect on the domestic stock market on the 16th. Another positive factor is that the issue of the Russian missile attack in Poland, which was a factor in the return of gains in the US stock market, is unlikely to escalate.
Seo Sang-young, a researcher at Mirae Asset Securities, said, “There is still little chance that Russia’s attack on Poland will be interpreted as an attack on NATO member countries and the situation will worsen. The fact that it has changed is a burden,” he said. He predicted, “After the domestic stock market starts to rise about 0.3%, the KOSPI 2500 standard line challenge will go ahead and go through the selling process. “
Yeom Seung-hwan, director of eBest Investment & Securities, said, “Wal-Mart’s talk of improving inventory is likely to send a positive message to companies whose performance has declined.”
Han Ji-young, researcher at Kiwoom Securities, said, “The domestic stock market will also show an upward trend due to favorable factors from the United States, such as a sharp increase in the Philadelphia Semiconductor Index (+3.0%) and a decrease in the PPI in October.” (2499) The top end of the index will be limited due to technical burdens in the process of trying to break through.”
■ Nasdaq 1.45%↑ Close
The US stock market rose strongly on the news that producer prices had slowed, but in the second half of the session, the advance was reduced by the news that Russian missiles were dropped in Poland. On the 15th (local time), the Dow Jones Index finished trading at 33592.92, up 56.22 points (0.17%) from the battlefield. The S&P 500 index closed at 3991.73, up 34.48 points (0.87%) from the previous day, and the Nasdaq closed at 11358.41, up 162.19 points (1.45%).
US 10-year Treasury bond yields were pushed back to 3.76%, down 9 basis points, on risk aversion sentiment and news of easing inflationary pressures.
Investors paid attention to inflation data, which suggested that inflation in the United States was gradually coming down. The US Department of Labor announced on the 15th (local time) that the producer price index (PPI) in October rose 0.2% from the previous month and 8.0% from the same month last year. Compared to the same month last year, the rate of increase continued for four consecutive months. In September, the rate of increase was 8.4%.
After the recently published October consumer price index (CPI) rose 7.7%, below the market forecast (7.9%), the ‘peak inflation theory’ raised by some is expected to gain more weight. If the rate of inflation slows next month, the possibility is raised that the United States Federal Reserve System (Fed) will also reduce the rate of increase from 0.75 percentage points to 0.5 percentage points.
■ Bankruptcy Crisis 1 million FTX creditors 10 times more than originally?
Creditors of FTX, one of the world’s top three virtual currency exchanges, which is on the verge of bankruptcy, may reach 10 times the known number, it has been found. The actual extent of the damage could be much more severe than expected.
According to Reuters and others on the 14th (local time), FTX lawyers said in an updated document submitted to the court that “there could be more than 1 million creditors.” On the 11th, FTX filed for bankruptcy protection under Article 11 (Chapter 11) of the Bankruptcy Act in the Delaware court in the United States as it faces a liquidity crisis. At the time, it was revealed that the number of creditors was more than 100,000, but in reality it could be 10 times that number. Most of these are unsecured subordinated creditors and may not be paid.
Meanwhile, the Wall Street Journal (WSJ), citing sources, reported that FTX founder Sam Bankman-Fried is trying to raise new funds.
Sources said Bankman-Fried believes it can raise enough money to keep the company afloat even if it files for bankruptcy protection. In order to pay for the rest of the workers and up to 8 billion dollars (10.5 trillion won) of deficit funds, he explained that he started looking for investors last weekend.
2 dead after Russian missiles hit Poland
Two missiles, believed to have been launched from Russia, fell on the territory of Poland, a member of the North Atlantic Treaty Organization (NATO) and the European Union (EU), killing two people on the 15th (local time ).
Polish Prime Minister Mateusz Morawiecki immediately convened an emergency National Security Council, a Polish government spokesman said on Twitter. EU and NATO member states also expressed concern with one voice and urged a thorough investigation. Russia resumed large-scale airstrikes on the same day, firing about 100 missiles at major Ukrainian cities, including Kiiu.
State Department senior deputy spokesman Vedant Patel told a briefing that while he called the report “extremely troubling”, he said he was working to determine exactly what happened and what the appropriate next course of action was.
Meanwhile, the Russian Defense Ministry has refuted the Russian attack on Poland’s borders, calling Poland’s comments that Russian missiles fell on Polish territory a “deliberate provocation”.
■ Korea Chamber of Commerce, 10 groups asking for contributions for ‘Expenses of the Expo’?
It is known that the Korea Chamber of Commerce and Industry (Korea Chamber of Commerce and Industry) has raised funds under the name of joint expenses for the 10 groups to attract the Busan World Expo (Expo) 2030. According to the business world on the 16th, the Korea Chamber of Commerce and Industry (KCCI) recently proposed the share of special duties according to sales to 10 major groups, including Samsung. It is known that this is to raise funds shared by the business community to host the expo, including consultation and various events.
Samsung Electronics recently announced to the Seoul Chamber of Commerce that it has decided to pay a special membership fee of 4.723 billion won in the name of supporting costs for private sector activities to attract Busan Expo 2030. It is known that other groups, including SK and Hyundai Motors, intend to pay special duties under the same name soon. It is said that the amount of walking in the top 10 groups will be around 20 to 30 billion won.
Inside and outside the business world, there is also an atmosphere of concern that the cost sharing led by the Korea Chamber of Commerce and Industry could be misunderstood as being the same as a ‘second Federation of Korean Industries’ .
Reporter Jang Chang-min cmjang@hankyung.com
