Time now for and 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 coming on today.
A major story this week is in China the difficulties of the Chinese real estate giant Evergrande, which faces possible default, something that would have ripple effects throughout the financial system globally. It's having trouble finding buyers for assets that it could sell to service its debts worth hundreds of billions of dollars. Evergrande bonds have now stopped trading. Tell us about the situation at Evergrande, or Hengda as it was called before, and what the implications might be.
Sticking with real estate for a moment. Home prices have been rising at a record pace all around the world. Twice as fast, actually in developed countries as in developing countries. A couple of exceptions would be India and Spain, where home prices have fallen. Tell us about this trend, why it's so broad, and what you make of the situation.
Turning to the stock markets, Wall Street saw a bounce back overnight. Last week was rough for U.S. stocks, but Wednesday's gains were led by energy shares as oil prices rose. Looking forward to U.S. retail sales tomorrow. What's the story in the global equity markets?
Korean stocks down today, though. Retail investors buying, institutions and foreigners selling. Shares of Naver and Kakao, hit hard in the past few days, seem to have stopped the bleeding for now. Tell us about the domestic market.
If we could look at the jobs numbers that came out yesterday in Korea. Last month, we see that there were more than half a million more people employed compared to last August. Still declines in some areas, though, like the hard-hit in-person services and manufacturing sectors. What do you see in this data, Professor?