매일아침 경제이슈 나누기

🗂KOSPI Plunges to 6,780 Amid Jackson Hole Caution and Semiconductor Sell-off Fueled by indiscriminate selling from foreign and institutional investors, Samsung Electronics (-3.38%) and SK Hynix (-4.45%) saw sharp declines, dragging the KOSPI down 1.79% to close at 6,788.88. The impact of the Bank of Korea's interest rate hike, coupled with external headwinds, intensified downward pressure on the index. 🗂Won/Dollar Exchange Rate Ends Lower at 1,372 Won Amid Influx of Export Firm Dollar Sales Despite the stock market crash, the won/dollar exchange rate in the Seoul foreign exchange market closed at 1,372.5 won, down 8.4 won from the previous day. This was influenced by month-end dollar selling (negotiation) from exporters and the Bank of Korea's surprise monetary policy shift. 🗂KOSDAQ Market Shows Relative Defense as Mid/Small-Cap Stock Demand Differentiation Continues The KOSDAQ index managed to hold its ground, closing slightly up 0.09% at 831, supported by retail investors' bargain hunting. Funds exiting large-cap semiconductor stocks are showing a trend of being reallocated to individual theme stocks in secondary battery and bio/pharmaceutical sectors.

🗂'Hawkish Wash' Fed Chair's Jackson Hole Speech Shocks, New York Stocks Close Lower In his first keynote address at Jackson Hole, Fed Chair Kevin Wash hinted at the possibility of maintaining tighter monetary policy, stating, "There is still work to be done by the Fed to curb inflation." Expectations for a September rate cut evaporated, leading to widespread weakness, particularly in the Nasdaq (-0.5%) and the Philadelphia Semiconductor Index (-3.5%). 🗂US Treasury Yields Rebound and Continued Pressure for Dollar Strength Concerns over the prolonged period of the Fed's restrictive monetary policy have caused US 10-year Treasury yields to rise again. While asset markets, which were waiting for signals of a rate cut, have faltered, the dollar index has remained strong, exerting downward pressure on emerging market currencies. 🗂International Oil Prices (WTI) Fall to Around $82 per Barrel Amidst Strait of Hormuz Transit Agreement Rumors Concerns over supply disruptions from the Middle East have subsided due to expectations of negotiations regarding the Strait of Hormuz, leading to a drop in international oil prices (WTI) to around $82.4 per barrel. The stabilization of oil prices eased inflationary pressures but did not deter the Fed's commitment to tightening policy.

🗂Domestic Stock Market KOSPI: 6,831.05 (▼ 31.06, -0.45%) KOSDAQ: 791.12 (▼ 4.18, -0.53%) 🗂US Stock Market (As of market close on Aug 27th, local time) DOW: 53,243.05 (▲ 21.04, +0.04%) NASDAQ: 26,140.71 (▼ 51.44, -0.20%) S&P 500: 7,657.10 (▼ 4.00, -0.05%) Philadelphia Semiconductor: 11,812.50 (▼ 39.62, -0.33%) 🗂Exchange Rates and Commodities KRW/USD Exchange Rate: 1,399.12 KRW (▲ 3.92 KRW, Korean Won weakened) WTI Oil Price: $86.50 per barrel (▼ 0.60, -0.69%) Dubai Crude: $93.02 per barrel (▼ 0.80, -0.85%)

🗂Bank of Korea's Monetary Policy Committee Unexpectedly Raises Base Rate by 0.25%p (to 3.00%) The Bank of Korea's Monetary Policy Committee (MPC) made a surprise decision to raise the base interest rate from 2.75% to 3.00% (a 0.25%p increase) to stabilize exchange rate volatility and curb rising housing prices and household debt in the Seoul metropolitan area. This back-to-back rate hike further tightens the monetary policy stance in the domestic financial market. 🗂Semiconductor Stocks Like Samsung Electronics and SK Hynix Surge on Nvidia's Positive Outlook Following Nvidia's earnings surprise overnight, strong buying interest flowed into major domestic semiconductor stocks. The positive news from the rebound in US tech stocks largely offset the impact of the MPC's decision, which dampened expectations for an interest rate cut. 🗂Kosdaq Growth Stocks and Pharma/Bio Sectors Face Pressure from BOK Rate Hike The Bank of Korea's surprise rate hike put pressure on Kosdaq growth stocks, as well as the secondary battery, pharmaceutical, and bio sectors, which are sensitive to high-interest rate environments. Concerns over financing costs led to downward pressure, showing a clear divergence across sectors.

🗂Tech Stocks Rebound and Nasdaq Surges 1.5% on Nvidia's 'Earnings Surprise' Nvidia has dismissed concerns about AI overheating by announcing its second-quarter earnings (revenue +106% year-over-year) that surpassed market expectations, along with strong future guidance. Driven by Nvidia's nearly 7% surge, the Nasdaq and S&P 500 indexes rose in tandem. 🗂Treasury Yields Consolidate Ahead of Chairman Powell's Jackson Hole Speech Investor caution intensified ahead of Federal Reserve Chairman's speech at the Jackson Hole Symposium scheduled for the 28th (local time). Fueled by Nvidia's positive performance, the 10-year US Treasury yield paused its prolonged rally, stabilizing slightly around 4.6% and supporting the stock market's upper range. 🗂International Oil Prices Rebound to Around $82/barrel for WTI, Watching Refining Margins International oil prices (WTI), which had fallen due to easing geopolitical risks in the Middle East, have shown a slight rebound to around $82.6 per barrel and entered a period of consolidation. While further sharp increases in oil prices have been curbed, limited capital inflows continue into the energy sector on expectations of increased demand for petroleum products.

🗂Domestic Stock Market KOSPI: 6,862.11 (▼ 18.91, -0.27%) KOSDAQ: 795.30 (▼ 3.82, -0.48%) 🗂US Stock Market (As of market close on Aug 26th, local time) Dow Jones (DOW): 53,243.05 (▲ 21.04, +0.04%) NASDAQ: 26,140.71 (▼ 51.44, -0.20%) S&P 500: 7,657.10 (▼ 4.00, -0.05%) Philadelphia Semiconductor: 11,812.50 (▼ 39.62, -0.33%) 🗂Exchange Rates and Commodities KRW/USD Exchange Rate: 1,395.20 KRW (▲ 4.00 KRW, Korean Won weakened) WTI Oil Price: $87.10 per barrel (▼ 0.83, -0.94%) Dubai Crude: $93.82 per barrel (▼ 0.80, -0.85%)

🗂BOK MPC Rate Decision D-Day & Won/Dollar Exchange Rate Hovers Around 1,380 Won Ahead of the Bank of Korea Monetary Policy Committee's rate decision, the won/dollar exchange rate in the Seoul foreign exchange market slightly declined to 1,384.8 won, showing a sideways trend. Attention is focused on the BOK's policy direction amidst household debt and external volatility. 🗂Expectations for Eased Domestic Inflation and Domestic Demand Burden Due to Stable Oil Prices The easing of import price burdens due to falling global oil prices has somewhat calmed the premature caution in the domestic financial market. However, the upward momentum of the index remains constrained as foreign net selling has not completely subsided. 🗂Index Bottom Defense Led by Institutions Amidst Continuous Foreign Selling Foreign investors continued their net selling for the fourth consecutive trading day, putting supply pressure on the stock market. Conversely, institutional investors entered the market to buy at lower prices in sectors like finance, nuclear power, and construction, which have momentum from dividends and value-up initiatives, defending the index.

🗂Nvidia Earnings and New York Stock Market Close Flat Ahead of Jackson Hole Market caution reached its peak ahead of Nvidia's earnings report, a leading AI stock, and Fed Chairman Jerome Powell's Jackson Hole speech. Amid a wait-and-see attitude and a lack of clear leading stocks, the three major indices, including the Dow, S&P 500, and Nasdaq, finished trading with slight declines. 🗂International Oil Prices Continue to Fall for 3rd Consecutive Day as Middle East Risk Eases Brent crude fell to around $86 per barrel as concerns over US sanctions on Iran eased and geopolitical risks subsided with discussions on temporary maritime corridors. The sharp drop in oil prices has provided some relief from fears of resurgent inflation. 🗂US 10-Year Treasury Yield Stabilizes Downward and Dollar Holds Steady The US 10-year Treasury yield fell to the 4.6% range, driven by the easing impact of falling oil prices and ongoing buyback effects. The dollar index also maintained a flat trend with reduced upward pressure as the market awaited the Jackson Hole speech to confirm the monetary policy stance.

In August 1995, Microsoft's 'Windows 95' launch was an unprecedented brand event that popularized personal computers (PCs) and connected the world. Before then, computers were the domain of experts and a few enthusiasts, but Windows 95's intuitive Graphical User Interface (GUI) and the introduction of the 'Start button' made PCs easy for anyone to operate. Especially as 'web browsers,' internet access programs, began to be integrated into the PC environment by default, it became a catalyst for the spread of high-speed internet and the explosion of websites. Microsoft monopolized over 90% of the global PC operating system market, making Bill Gates the world's richest man and leading the 'Third Industrial Revolution' centered on the IT industry. As PCs became essential items in every home and office, a solid foundation was laid for the 2000s dot-com bubble and the venture startup craze.

🗂Domestic Stock Market KOSPI: 6,881.02 (▼ 47.13, -0.68%) KOSDAQ: 799.12 (▼ 6.18, -0.77%) 🗂US Stock Market (As of market close on Aug 25th, local time) DOW: 53,222.01 (▲ 9.90, +0.02%) NASDAQ: 26,192.15 (▲ 26.40, +0.10%) S&P 500: 7,661.10 (▼ 4.00, -0.05%) Philadelphia Semiconductor Index: 11,852.12 (▲ 39.62, +0.34%) 🗂Exchange Rates & Commodities KRW/USD Exchange Rate: 1,391.20 KRW (▲ 6.10 KRW, Korean Won weakened) WTI Crude Oil: $87.93 per barrel (▲ 0.83, +0.95%) Dubai Crude Oil: $94.62 per barrel (▲ 0.40, +0.42%)