Time now for an in-depth look at the market news on this Monday.
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. Thank you for joining us.
Let's start with Wall Street, where the Dow Jones Industrial Average closed lower on Friday, dragged down by bank stocks. More broadly, though, there were gains in energy, tech and telecoms, so the S&P and the Nasdaq were higher. What's the story in the global markets as we start the week, and what stands out to you?
Here in Korea it was another really rough session on the KOSPI and the KOSDAQ. The big names down across the board, except only Samsung Electronics and Naver. Very few sectors closing higher today, and not by much. It seems investors are worried about what this high inflation will mean for policy at central banks. Tell us about the domestic market.
Zooming out a bit, Professor, to fiscal policy. The national debt in Korea is going to rise to more than 20 million won per person this month when the government issues debt temporarily to finance an extra budget for coronavirus relief. That twenty million figure is around 17-thousand dollars per person. It's doubled since 2014. There are calls to make sure the growing debt doesn't get out of control. What do you make of the situation, Professor?
Finally, Professor, this week we'll have a meeting of government ministers on the housing market, and we'll hear from them about overheating in the market and where things stand now. Also, the Bank of Korea will have data on producer prices. What's on your radar in the week ahead?