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. Thank you for coming on today.
Stocks on Wall Street closed lower overnight for the most part. Earnings have been beating expectations for the second quarter, but hiring in the U.S. did not meet expectations, and that's causing concern about the economy. What's the story in the global markets?
Korean stocks were mixed today. The main index, the KOSPI, was lower, but a decent gain on the KOSDAQ. Some big names like SK Bioscience had a good run but closed down. Tell us about the domestic market.
Last month, Korea's foreign exchange reserves rose by around 4.6 billion dollars. So now FX reserves are at another new high. In part that's because the dollar's gotten a little weaker. But tell us about that and what it means for Korea.
Consumer prices rose last month in Korea by two.six percent from a year earlier. That's the biggest increase so far this year. The Chuseok holiday is next month, and people typically buy a lot of food for that. But with another round of relief payments before then, some are concerned this could raise prices further. What do you make of that idea, professor?
The Bank of Korea is now giving clear signs that it's going to raise rates sooner or later. But at the same time, the spread of the coronavirus adds some uncertainty to that situation. What do you think about the timing of the BOK's move on rates?