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 Yoo, global strategist at Yuanta Securities.
Mr. Yoo, thanks for coming on today.
Coming off a series of new highs, stocks on Wall Street were down overnight on concerns about the coronavirus. What's the story there exactly, and where do you see things going from here?
Distrust of Chinese data exists
China’s Hubei province reported an additional 116 deaths and 4,823 new cases as of the end of Feb. 13.
Of the new cases, the government said that 3,095 were “clinically diagnosed.”
In total, Hubei authorities said that 51,986 people have been infected in the province.
The United States does “not have high confidence in the information coming out of China” regarding the count of coronavirus cases, a senior administration official said.
However, level of government boosting measures unseen before.
The KOSPI might've taken Wall Street's cue, but in fact it was up today. What happened in Korean stocks?
Kospi rebounded by 0.5%.
Kosdaq slightly down 0.1%
Market is taking a rest. No drastic movement.
Concern of Corona 19 exist while dependency on liquidity exist as well. The Federal Reserve is “closely monitoring” the coronavirus, its impact on China and the effect that it could have on global economic growth, Chairman Jerome Powell said Tuesday.
Jerome Powell, Chairman of the Federal Reserve, has said that the bank is ready to use Quantitative Easing (QE) and also forward guidance "aggressively" in a downturn. Powell is testifying before the Senate's Banking Committee in Washington.
According to the BOK, Korea's export prices were down last month in won terms because of the Korean currency's recent appreciation. These figures, however, do not reflect the impact of the coronavirus. And of course the won has since weakened quite a bit. Tell us about these figures, and what you think might happen this month.
The much-awaited rebound in South Korean exports may not come easy as export prices slid back in January to hit the lowest in more than three years, even without the new virus outbreak setback.
The export price index slipped 0.8 percent on month to 96.59 in January, after a brief uptick in the previous month, according to the Bank of Korea on Friday. This was the lowest since January 2016 when it stood at 93.46.
Against a year-ago period, it fell 2.7 percent, down for the eighth straight month.
The results were not impacted by the new coronavirus, which surfaced in Wuhan, China late last year and started spreading to other countries from late January.
Prices of DRAM memory chips, a main export item, plummeted 41.4 percent from a year earlier, extending their losing streak for the 13th month in a row. As a result, prices of computers, electronic and optical devices edged down 0.7 percent. But when excluding the currency effects, prices rose 0.2 percent.
Falling international oil prices also dampened export prices. Dubai crude prices slumped 0.9 percent to $64.32 a barrel in January, bringing down prices of coal and petroleum products by 2.8 percent.
The import price index in January also fell 0.8 percent from the previous month to 107.95 on soft oil prices. Against a year earlier, it rose 2.7 percent, up for the second straight month.
Alright, Mr. Yoo.
We'll have to leave it there for today.
Thanks so much for sharing your expertise.
We appreciate it.