U.S. stocks mixed on economic concerns… North Korea’s Corona 19 spread, 270,000 new fever cases Morning briefing

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◆ New York stock market mixed amid concerns over inflation and economic growth… Nasdaq closed 1.20%↓

New York stocks were mixed as concerns over inflation and a slowing economy persist. On the 16th local time, the Dow Jones Industrial Average closed at 32,223.42, up 0.08% from the battlefield, but the S&P 500 fell 0.39% to 4,008.01 and the Nasdaq closed 1.20% to 11,662.79. The Dow is down about 13% from its January highs, while the S&P 500 and Nasdaq are down 17% and 28% from their 52-week highs, respectively. Investors are paying attention to concerns about the Federal Reserve (Fed) tightening due to inflationary pressures and possible economic slowdown.

◆ North “About 270,000 new fevers, 6 died yesterday”

In North Korea, where the novel coronavirus infection (COVID-19) is spreading explosively, the number of new fever cases approached 270,000 on the 16th. According to the Korean Central News Agency (KCNA), the North Korean National Emergency Response Command reported that from 6 pm on the 15th to 6 pm on the 16th, 269,510 new cases of fever (fever) occurred nationwide, and 179,460 people were fully recovered. Six people were reported dead. From the end of last month to the afternoon of the previous day, there were 1,483,060 cases of fever across the country, of which 819,090 were fully recovered, and 663,910 were receiving treatment, the news agency reported. A total of 56 people have died so far.

◆ First National Assembly Steering Committee since the inauguration of the 尹 government

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The National Assembly Steering Committee holds a plenary session on the afternoon of the 17th to review the supplementary budget (additional budget) under the jurisdiction of the Office of the President of the President, National Security Office, and the Presidential Security Service. This is the first plenary meeting of the steering committee since the inauguration of the Yun Seok-yeol government. Although the primary purpose of the preliminary review of the supplementary budget plan, which focuses on compensation for the loss of small business owners and the self-employed due to COVID-19, is to be attended by President Kim Dae-gi and National Security Director Kim Seong-han, a dispute between the ruling and opposition parties is expected. . The Steering Committee is composed of the ruling and opposition parties, including floor leader Kwon Seong-dong, floor leader of the People’s Power, and floor leader Park Hong-geun of the Democratic Party of Korea. In the presidential office, Choi Sang-mok, chief of economic affairs and Lee Jin-bok, chief of political affairs, and Yoon Jae-soon, secretary for general affairs, who were accused of sexual assault while serving in the prosecution service, will also attend.

Korea-China diplomatic chiefs, first communication since the inauguration of the Yun Seok-yeol government

On the 16th, Minister of Foreign Affairs Park Jin had a video call with Wang Yi, the first Chinese foreign affairs minister and foreign minister since the inauguration of the Yun Seok-yeol government, and discussed the overall relationship between Korea and China, including the Korean Peninsula issue. Minister Park said that the advancement of North Korea’s nuclear and missile capabilities not only aggravates the situation on the Korean Peninsula and in the region, but also does not serve the interests of both countries, and expects South Korea and China to cooperate to promote stable management of the situation on the Korean Peninsula. On the other hand, Director Wang said, “With the efforts of each country, the Korean Peninsula is maintaining peace as a whole. This has provided the necessary environment for the development of the two countries and the region.” “A close neighbor is better than a distant relative,” Wang said. At the same time, he also put a check on South Korea’s participation in the Indo-Pacific Economic Framework (IPEF).

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◆ Biden special to Korea and Japan… First visit to Asia following the first White House invitation

US President Joe Biden is scheduled to tour Korea and Japan from the 20th to 24th. This is Biden’s first visit to Asia in person, after three trips to Europe since his January inauguration. In March of last year, less than two months after its inauguration, the first countries visited by the foreign and security chiefs, Secretary of State Tony Blincoln and Defense Secretary Lloyd Austin, were Japan and South Korea. After his inauguration, President Biden showed an early conclusion of the defense cost-sharing negotiations between the US and Japan, which have been difficult since the days of former President Donald Trump. President Biden’s special affection for South Korea and Japan seems to stem from the recognition that it is urgent to restore the alliance with the two countries, which had been cracked by the former Trump administration’s ‘one-way-ignoring alliance’ attitude. It is also interpreted that the decision to solidify solidarity with the two key allies, South Korea and Japan, was also believed to have played a role in operating the Indo-Pacific strategy to contain China, which is the top priority of foreign and security policy.

◆ Mostly clear and fine dust ‘normal’ nationwide… Daytime high of 28 degrees

Today, Tuesday, it will be mostly sunny throughout the country, but there will be a lot of clouds in Gangwon-do and Gyeongsang-do. The highest temperature during the day was predicted to be 22-28 degrees. The concentration of fine dust is expected to be at a ‘normal’ level in all regions, but the metropolitan area, Chungnam, and Jeonbuk are expected to be temporarily at a ‘bad’ level at night. There may be foggy places around Incheon, the west coast of Gyeonggi, and northern Gyeonggi until morning, so pay attention to traffic safety.

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Until now, I was reporter Kim Ye-rang of Hankyung.com.

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