Latest news with #KoreaCompositeStockPriceIndex
Korea Herald
14 hours ago
- Automotive
- Korea Herald
Seoul shares end lower as Fed rate-cut hopes wane
Seoul shares closed lower Wednesday as weaker-than-expected US inflation data prompted investors to trim their bets on the Federal Reserve's rate cuts. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 28.9 points, or 0.9 percent, to finish at 3,186.38. Trade volume was moderate at 525.37 million shares worth 11.09 trillion won ($8 billion). Decliners outnumbered gainers 704 to 189. Institutions sold a net 552.8 billion won worth of stocks, offsetting net purchases by foreigners and individuals of 26.79 billion won and 429.99 billion won, respectively. US inflation rose 2.7 percent in June, below market expectations, even as companies began passing some tariff-related costs on to consumers. In addition to the weaker-than-expected inflation data, President Donald Trump's latest tariff threats also remained a concern for investors, analysts said. "But Nvidia's planned resumption of H20 AI chip sales to China boosted demand for chip stocks, helping limit Kospi losses," said Hwang Joon-ho, an analyst at Sangsangin Investment & Securities Co. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics rose 1.57 percent to 64,700 won, but chip giant SK hynix fell 0.84 percent to 296,000 won. Defense industry firm Hanwha Aerospace climbed 0.71 percent to 854,000 won, and leading shipbuilder HD Hyundai Heavy Industries gained 1.77 percent to 401,500 won. Among other decliners, top carmaker Hyundai Motor dropped 1.66 percent to 207,500 won and leading battery maker LG Energy Solution declined 1.74 percent to 311,000 won. The local currency closed at 1,385.70 won against the greenback at 3:30 p.m., down 5.5 won from the previous session. Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.4 basis point to 2.459 percent, and the return on the benchmark five-year government bonds declined 0.2 basis point to 2.642 percent. (Yonhap)
Japan Today
15 hours ago
- Business
- Japan Today
Asian shares mixed after Nvidia nudges Nasdaq to a record, while other U.S. stocks slump
A currency trader works near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, July 15, 2025. (AP Photo/Ahn Young-joon) By ELAINE KURTENBACH Shares in Asia traded mixed on Wednesday after an update on U.S. inflation pulled most Wall Street stocks lower, though gains for Nvidia pushed the Nasdaq to another record. Tokyo's Nikkei 225 edged less than 0.1% lower, to 39,663.40. Investors are focusing on the potential impact of an election for the Upper House of Parliament on Sunday that is expected to lead to tax cuts and higher spending as lawmakers try to restore the waning popularity of the ruling Liberal Democrats. Worries over a deterioration in Japan's fiscal health have pushed yields of long-term Japanese government bonds to their highest levels in years. 'What's at stake isn't simply which party hands out the biggest bundle of goodies. It's whether the walls holding up Japan's house of debt can withstand another round of fiscal fireworks…' Stephen Innes of SPI Asset Management said in a commentary. Elsewhere in Asia, Hong Kong's Hang Seng added 0.1% to 24,618.23 while the Shanghai Composite index slipped 0.1% to 3,503.78. South Korea's Kospi lost 0.9% to 3,186.38 and in Australia, the S&P/ASX 200 declined 0.8% to 8,561.80. Taiwan's Taiex jumped 0.9% and India's Sensex was flat. Thailand's SET also was little changed. In Jakarta, shares rose 0.4% after President Donald Trump said on Truth Social that he plans to tariff imports from Indonesia at 19%, while American goods sent to the Southeast Asian country will face no tariffs. Trump also said Indonesia committed to buying U.S. energy, agricultural products and aircraft. On Tuesday, the S&P 500 fell 0.4% to 6,243.76, but stayed near its all-time high set last week, as 90% of the stocks within the index fell. The Dow Jones Industrial Average dropped 1% to 44,023.29. The Nasdaq composite rose 0.2% to a record 20,677.80 thanks to Nvidia, the market's most influential stock. Nvidia said the U.S. government has assured it that licenses will be granted for its H20 chip, used for artificial intelligence, again and that deliveries will hopefully begin soon. Its 4% gain was by far the strongest force pushing upward on the S&P 500. Stocks of big U.S. banks were mixed following their latest profit reports. JPMorgan Chase slipped 0.7% despite reporting a stronger profit than analysts expected, as CEO Jamie Dimon warned of risks to the economy because of tariffs and other concerns. Citigroup rose 3.7% following its better-than-expected profit report. But Wells Fargo fell 5.5% following its own, as it trimmed its forecast for an important way that it makes money. A report showed inflation in the United States accelerated to 2.7% last month from 2.4% in May as prices rose for clothes, toys and other goods that usually are imported. Economists say prices may be rising because of stiff tariffs that President Donald Trump has proposed on other countries. Treasury yields yo-yoed after the report and then began rising. The yield on the 10-year Treasury climbed to 4.48% from 4.43% late Monday. The yield on the two-year Treasury, which more closely tracks expectations for what the Federal Reserve will do with short-term interest rates, rose to 3.95% from 3.90%. Higher inflation could inhibit interest rate cuts by the Fed. It has been keeping rates on hold this year after cutting them at the end of last year. That's because lower rates can give inflation more fuel, along with a boost for the economy. Wall Street loves lower rates because they goose prices higher for stocks and other investments, and Trump himself has been clamoring for the Fed to cut more quickly. Fed Chair Jerome Powell, though, has been adamant that he wants to wait for more data about how tariffs affect the economy and inflation. Following Tuesday's inflation report, traders are still overwhelmingly betting that the Fed will cut its main interest rate by the end of the year. But they pulled back their bets on the number of potential cuts, according to data from CME Group. In other dealings early Wednesday, U.S. benchmark crude oil picked up 42 cents to $66.94 per barrel. Brent crude, the international standard, was up 30 cents at $69.01 per barrel. The dollar fell to 148.66 Japanese yen from 148.87 yen. The euro was at $1.1627, up from $1.1602. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Korea Herald
a day ago
- Business
- Korea Herald
Seoul shares open lower amid tame inflation data in US
Seoul shares opened lower Wednesday after weaker-than-expected inflation data in the United States. The benchmark Korea Composite Stock Price Index fell 29.17 points, or 0.91 percent, to 3,186.11 in the first 15 minutes of trading. US consumer prices rose 2.7 percent in June, below market expectations, even as companies began passing some tariff-related costs on to consumers, analysts said. Overnight, US stocks ended mixed, with the Dow Jones Industrial Average falling 0.98 percent to 44,023.29 and the tech-heavy Nasdaq composite rising 0.18 percent to 20,677.80. In Seoul, most large-cap stocks declined. Market bellwether Samsung Electronics fell 0.16 percent, chip giant SK hynix declined 1.76 percent, and top carmaker Hyundai Motor shed 0.95 percent. Leading steelmaker POSCO Holdings dropped 1.4 percent, and leading shipbuilder HD Hyundai was down 1.51 percent. Among gainers, state-run utility Korea Electric Power Corp. rose 3.76 percent and top wireless carrier SK Telecom edged up 0.36 percent. The local currency was trading at 1,387.40 won against the US dollar at 9:15 a.m., down 7.2 won from the previous session. (Yonhap)
Japan Today
2 days ago
- Business
- Japan Today
Asian shares mostly finish higher although worries continue over Trump's tariffs
A currency trader works near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, July 15, 2025. (AP Photo/Ahn Young-joon) By YURI KAGEYAMA Asian shares were mostly higher in Tuesday trading, despite lingering worries about President Donald Trump's latest updates to his tariffs that weighed on investor sentiments. Japan's benchmark Nikkei 225 rose 0.6% to finish at 39,678.02. Australia's S&P/ASX 200 added 0.7% to 8,630.30. South Korea's Kospi edged up 0.4% to 3,215.28. Hong Kong's Hang Seng rose 0.9% to 24,423.87, while the Shanghai Composite dipped 0.4% to 3,505.00, after the Chinese government reported that growth slowed in the last quarter as Trump's trade war escalated. Tuesday's data showed the economy expanded at a robust 5.2% annual pace, compared with 5.4% annual growth in January-March. In quarterly terms, the world's second-largest economy expanded by 1.1%, according to government data. Despite worries about the damage Trump's tariffs may have on the region's exporters, speculation continues that he may ultimately back down on them. They don't take effect until Aug. 1, which leaves time for more negotiations. On Wall Street Monday, the S&P 500 edged up by 0.1%, the Dow Jones Industrial Average added 0.2% and the Nasdaq composite rose 0.3%. A nationwide election for the upper house of Japan's Parliament, set for Sunday, also added to the wait-and-see attitude among market players. Analysts say the ruling pro-business Liberal Democratic Party may face an uphill battle and will likely need coalition partners, including possibly new ones, to keep its grip on power. If Trump were to enact all his proposed tariffs on Aug. 1, they would raise the risk of a recession. That would not only hurt American consumers but also raise the pressure on the U.S. government's debt level relative to the economy's size, particularly after Washington approved big tax cuts that will add to the deficit. 'We therefore believe that the administration is using this latest round of tariff escalation to maximize its negotiating leverage and that it will ultimately de-escalate, especially if there is a new bout of heightened bond and stock market volatility,' according to Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management. 'As usual, there are many conditions and clauses that can get these rates reduced,' said Brian Jacobsen, chief economist at Annex Wealth Management. 'That's probably why the market might not like the tariff talk, but it's not panicking about it either.' For the time being, the uncertainty around tariffs could help keep markets unsteady. This upcoming week has several potential flashpoints that could shake things up. The latest reading on inflation across the U.S. comes Tuesday, with economists expecting it to show inflation accelerated to 2.6% last month from 2.4% in May. Companies are also lining up to report how they performed during the spring. JPMorgan Chase and several other huge banks will report their latest quarterly results Tuesday, followed by Johnson & Johnson on Wednesday and PepsiCo on Thursday. Fastenal, a distributor of industrial and construction supplies, reported Monday a stronger profit for the latest quarter than analysts expected. Its stock rose 2.9%, though it also said that market conditions remain sluggish. Shares of Kenvue rose 2.3% in shaky trading after the former division of Johnson & Johnson said CEO Thibaut Mongon is stepping down. Kenvue, the maker of Listerine and Band-Aid brands, is in the midst of a strategic review of its options, 'including ways to simplify the company's portfolio and how it operates,' according to board chair Larry Merlo. Some of the biggest moves in financial markets were for crypto, where bitcoin continues to set records. This upcoming week is Crypto Week in Washington, where Congress will consider several bills to 'make America the crypto capital of the world.' In energy trading, benchmark U.S. crude fell 50 cents to $66.48 a barrel. Brent crude, the international standard, declined 41 cents to $68.80 a barrel. In currency trading, the U.S. dollar inched up to 147.73 Japanese yen from 147.72 yen. The euro cost $1.1677, up from $1.1666. AP Business Writer Stan Choe contributed to this report. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Korea Herald
2 days ago
- Business
- Korea Herald
Seoul shares up for 2nd day on tech gains despite tariff concerns
Seoul shares closed higher Tuesday, tracking overnight gains on Wall Street and boosted by technology stocks in the face of US President Donald Trump's latest tariff threats. The Korean won rose slightly against the US dollar. The benchmark Korea Composite Stock Price Index added 13.25 points, or 0.41 percent, to finish at 3,215.28. Trade volume was moderate at 415.06 million shares worth 11.94 trillion won ($8.6 billion). Decliners outnumbered gainers 510 to 364. Foreigners bought a net 212.29 billion won worth of shares, while institutions and individuals sold 20.8 billion won and 311.19 won stocks, respectively. Trump has notified key US trading partners of new tariff rates set to take effect Aug. 1 unless they offer improved terms in ongoing trade negotiations. "Trump has already sent a letter to South Korea notifying plans to impose 25 percent tariffs on South Korean products starting Aug. 1. The market had already priced in the news, causing no major jitters," Lee Kyoung-min, an analyst at Daishin Securities Co., said. Large-cap stocks were mixed. Market bellwether Samsung Electronics rose 1.92 percent to 63,700 won, and defense industry firm Hanwha Aerospace jumped 5.08 percent to 848,000 won. Leading shipbuilder HD Hyundai climbed 0.51 percent to 139,000 won, and leading shipping firm HMM gained 1.76 percent to 25,950 won. Among decliners, top carmaker Hyundai Motor fell 2.76 percent to 211,000 won, and leading steelmaker POSCO Holdings declined 0.16 percent to 321,000 won. The local currency was quoted at 1,380.20 won against the greenback at 3:30 p.m., up 1 won from the previous session. (Yonhap)
