Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Dr. Yang Jun-sok, Professor of Economics at The
Catholic University of Korea.
Professor Yang, good afternoon.
Thanks for making time today.
Thank you.
Chairman Powell saying that he thinks a recession is a possibility, but not likely, and the
Fed is not trying to provoke one.
Those comments and energy shares had all three main indices on Wall Street close lower on
Wednesday.
What's Powell saying and what's happening in the global markets?
Korean stocks closing lower today the KOSPI with a moderate decline compared to what we've
seen recently, but another 3 percent decline on
the tech-heavy KOSDAQ.
A rebound for shares of Naver.
Tell us about the domestic market.
Now, the exchange rate at the close today was above 13-hundred won
to the dollar, a level it hasn't crossed in 13 years.
This is going to be a problem for Korea, so the finance minister
made another so-called verbal intervention, saying the BOK would act
to bring it down, but that did not seem to have much effect.
What's happening with the currency, and what should
we
be watching
out for?