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. It's been a while.
Thank you for coming on today.
Last week, stocks on Wall Street had their biggest decline so far this year on concerns about the new omicron variant of COVID-19. They say it appears to have a higher reinfection rate. Stocks were down 2-and-a-quarter to 2-and-a-half percent. What's the story in the global markets as we start a new week?
The concern, obviously, is that the omicron variant could impact the global economy, which has been on the path to recovery. A number of countries are restricting travel from South Africa, which was where the variant was discovered. There's the risk of economies being locked down again. What do you make of the situation?
Korean stocks have been down sharply the past few sessions, and this morning started out below 29-hundred points. The big chipmakers Samsung and SK hynix holding steady though. Tell us about the domestic market.
It's the last week in November. We'll have business data for October from Statistics Korea. Also consumer price data for this month. What's on your radar, professor, in the week ahead?