time now for an in-depth look at the market news this afternoon and for that i'm joined on the line
by mr daniel you global strategist at you want to securities mr you good afternoon thank you
for coming on today good afternoon well stocks on wall street retreated a bit overnight it started
out higher with good results from goldman sachs report from apple sent the market lower though
saying it was planning to slow down hiring and spending uh next year the three main indices
down between about point seven and point eight percent what's the story in the global markets
yes if you look at the u.s market uh it lost about uh a percentage point or so dow was down by about
200 points smp and nasa closed down roughly about one percent uh at the beginning of the market it
went up as high as one percent plus but it ended with the lower at minus one percent the main
reason for that is because uh continued uh high inflation uh and continued aggressive monetary
policy might be affecting the u.s economy to go through a recession quite a bit of uncertainty
about recession potential despite if you look at the earnings number it came out quite nicely
particularly the apple have announced that they will be slowing hiring and spending growth in
some divisions for next year because they are expecting a possible economic slowdown next year
so if you look at the investors they're pretty much scaling back of the overall investment uh
uh behind the interest rate hike that you're seeing now if you look at the fed uh they are
saying that they probably are focusing on 75 basis point height rather than 100 basis point hike
a lot of people were concerned that they might be doing 100 bases point height
uh due to high inflation number that we saw as high as 9.1 for the previous month so continuously
the macro economic pictures are overshadowing the earnings number that is coming in positively uh
goldman sachs and bank of america uh have shown quite a bit of results uh positive uh i guess
people are wondering about the potential or the guidance of the earnings going into the future as
people might be worried about the economy session that might be coming through already next year
right and korean stocks down today too for the most part after that reversal in the u.s a lot of
tech names were lower like lg innotech down about five percent uh food maker uh ottogi though was up
uh four percent or so depreciation of the currency easing off a bit tell us about the domestic market
yes current market closed uh pretty much flat um cosby it was down by 0.18 percent
uh costdoc is actually up by 0.72 percent uh if you look at the foreign investors movement
pretty much they didn't do much as far as foreign investors are concerned
uh not much of buying or selling on both of the cosby and kostack market
but as far as the futures market is concerned they have sold about 335 billion one worth of
futures if you look at the retail investors and institutional investors uh pretty much not much
of um that buying or selling uh continuously you are seeing a quite a bit of a low volume
trading i think that people are quite uncertain about what might be happening to the currency
and the potential for the uh currency swap uh if you look at the korean one it did go up to
as high as 1320 in the previous few days uh today it has appreciated slightly to 13 11 territories
uh but nevertheless it is one of the highest uh level that we've seen in a very very long time
i think that people are uncertain about the rate hike speed and also uh the currency swap
how well it will be established if that happens then the korean one will be in good position
to uh appreciate but for the time being the super dollar or the king dollar sentiment that we are
seeing right now the dollar index hitting as high as uh 108 plus uh right now is around 107 but
continuously quite uncertain about the speed of the interest rate hike and that that having effect
on the interest rate and uh sorry on the currency of the dollars uh all in all as long as the dollar
continues to appreciate and queen one continues to depreciate queer market will not be in a position
to rise further uh so we need to watch carefully what might happen to the currency but hopefully
there might be some possibility that the korean one stabilizes in the future as the u.s rate hike
speed might be slowing down after the july 27th but for the time being the volatility is expected
well u.s president joe biden's been in saudi arabia and looks like he was not
able to get the saudis to agree to increase oil output they're saying they don't have
the capacity in any way opec plus doesn't seem to have any interest in raising output
prices have climbed back up a bit what's going on with oil and what's your outlook yes clearly
the oil prices have risen quite sharply recent a few days brent oil is up to 106 dollars per barrel
usually when that price goes up as high as 104 plus people might be concerned about the economy
recession in terms of the supply and demand side as you know russia is cutting gas to europe
and therefore that caused the prices to go up people people were hoping that the saudi arabia
will be kicking in in terms of the production and supply but the level of the increase that
we're expecting is not as much as for people hoped for that is causing the oil price to further rise
uh i think that in terms of demand side though uh there could be some slowdown because of the
um the economy slowdown that people are expecting going into the second half of this year maybe
particularly next year overall demand and supply picture for oil seems to be that the production
level is continued to rise it's the political reasons that is causing the supply of bottleneck
but overall supply side of it is that it is increasing quite rapidly uh the overall production
capacity of u.s has risen to quite significantly high uh compared to the previous peaks uh all in
all we think that oil price is not probably in a position to further rise but rather stabilize in
the future as long as supply pictures continues to come in uh and hopefully that the saudi arabia
increasing the supply might be gradually happening of course it might not happen immediately but
on a gradual scale we think that the overall production from the global scale might be rising
and therefore all price might be stabilizing all right we'll keep an eye on it with your
help mr you thank you as always for coming on the program i really appreciate it thank you very much