Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Dr. Kim Sei-wan, Professor of Economics at Ewha Womans University.
Professor Kim, good afternoon. Thanks for making time today.
Let's start with U.S. Treasury Secretary Janet Yellen, who says it's time to stop calling inflation "transitory." Fed Chairman Jerome Powell has reently said the same thing. Yellen in particular is concerned about a vicious cycle of wages rising and then the price of goods. Tell us, what's going on with inflation?
Now we also have some warning signs about the Chinese economy, the factory of the world. A think tank there warning that next year could see China's GDP grow by the least in 30 years. The IMF also looking at downgrading growth. What effect would a weaker Chinese economy have on us here in Korea?
Now to the markets, professor with fears easing about the Omicron variant, stocks in New York had their second big gain in a row Tuesday's gain quite big in fact tech shares up 3 percent, and gains of more than one percent for financials, raw materials, communications and so on. What's the story in the global markets?
Korean shares higher today, too, the KOSPI recovering to the key level of 3-thousand points, and the tech-heavy KOSDAQ to 1-thousand points. Strength in pharmaceuticals, electronics. Tell us about the domestic market.
Now we have the December report on the economy from the Korea Development Institute. It sees some risks from the Omicron variant that could hit local consumption as well as the global financial markets. But it sees the recovery continuing in line with the return to normal life. Tell us about this report and what you make of it.