Latest news with #KoreaCompositeStockPriceIndex
Glasgow Times
a day ago
- Business
- Glasgow Times
Global shares decline as tensions simmer in the Middle East
On the seventh day of a conflict that began with a surprise wave of Israeli airstrikes targeting military sites, senior officers and nuclear scientists, Iranian state media reported that Iran's foreign minister planned to meet his European counterparts in Geneva. Meanwhile, Israel carried out strikes on Iran's Arak heavy water reactor, in its latest attack on Iran's sprawling nuclear programme. The escalating warfare has shaken financial markets. A dealer watches his computer monitors showing the Korea Composite Stock Price Index (Lee Jin-man/AP) France's CAC 40 slipped 0.8% in early trading to 7,593.06. In Germany, the DAX fell 0.9% to 23,141.82. Britain's FTSE 100 lost 0.5% to 8,797.24. The futures for the S&P 500 and the Dow Jones Industrial Average were 0.4% lower. The Federal Reserve opted on Wednesday to keep its key interest rate unchanged, while its policymakers signalled that they still expect to cut rates twice this year. They project that US president Donald Trump's higher import duties will fuel inflation. They also expect growth to slow and unemployment to edge higher. The Bank of England likewise kept its key interest rate unchanged at 4.25% at its meeting on Thursday, after cutting it twice this year. Switzerland's central bank cut its target interest rate by a quarter of a percentage point to zero on Thursday, saying that inflationary pressures have eased. It is among many central banks opting to go ahead and ease the cost of borrowing as uncertainty over Mr Trump's tariffs and geopolitical crises threaten global growth. US financial markets were closed on Thursday for the Juneteenth holiday (Yuki Iwamura/AP) In Asian trading, Japan's benchmark Nikkei 225 shed 1.0% to finish at 38,488.34. Shares in Japan's Nippon Steel Corp jumped 2.3% after it announced that its acquisition of US Steel, which met US government opposition for more than a year, was finally completed. Hong Kong's Hang Seng dropped 2.0% to 23,237.74 on heavy selling of tech-related shares, while the Shanghai Composite lost 0.8% to 3,362.11. Australia's S&P/ASX 200 was little changed at 8,523.70 and in South Korea, the Kospi rose 0.2% to 2,977.74. US financial markets were closed on Thursday for the Juneteenth holiday, an annual federal holiday in the US. So far, US inflation has remained relatively tame, and it is near the Fed's target of 2%. But economists have been warning it may take months to feel the effects of tariffs. And inflation has been feeling upwards pressure recently from a spurt in oil prices because of Israel's fighting with Iran. Fed officials are waiting to see how big Mr Trump's tariffs will ultimately be, what they will affect and whether they will drive a one-time increase to inflation or something more dangerous. There is also still deep uncertainty about how much tariffs will grind down on the economy's growth. 'Because the economy is still solid, we can take the time to actually see what's going to happen,' Fed chair Jerome Powell said. 'We'll make smarter and better decisions if we just wait a couple months or however long it takes to get a sense of really what is going to be the passthrough of inflation and what are going to be the effects on spending and hiring and all those things,' he said. In other dealings early on Thursday, benchmark US crude rose 13 cents to 73.63 US dollars. Brent crude, the international standard, advanced 7 cents to 76.77 dollars a barrel. Oil prices have been yo-yoing as fears rise and ebb that the conflict between Israel and Iran could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world's crude passes. In currency trading, the US dollar rose to 145.46 Japanese yen from 145.13 yen. The euro cost 1.1476 dollars, down from 1.1484 dollars.
Irish Examiner
a day ago
- Business
- Irish Examiner
Global shares decline as tensions simmer in the Middle East
Global shares retreated on Thursday as worries persisted about conflict in the Middle East. On the seventh day of a conflict that began with a surprise wave of Israeli airstrikes targeting military sites, senior officers and nuclear scientists, Iranian state media reported that Iran's foreign minister planned to meet his European counterparts in Geneva. Meanwhile, Israel carried out strikes on Iran's Arak heavy water reactor, in its latest attack on Iran's sprawling nuclear programme. The escalating warfare has shaken financial markets. A dealer watches his computer monitors showing the Korea Composite Stock Price Index (Lee Jin-man/AP) France's CAC 40 slipped 0.8% in early trading to 7,593.06. In Germany, the DAX fell 0.9% to 23,141.82. Britain's FTSE 100 lost 0.5% to 8,797.24. The futures for the S&P 500 and the Dow Jones Industrial Average were 0.4% lower. The Federal Reserve opted on Wednesday to keep its key interest rate unchanged, while its policymakers signalled that they still expect to cut rates twice this year. They project that US president Donald Trump's higher import duties will fuel inflation. They also expect growth to slow and unemployment to edge higher. The Bank of England likewise kept its key interest rate unchanged at 4.25% at its meeting on Thursday, after cutting it twice this year. Switzerland's central bank cut its target interest rate by a quarter of a percentage point to zero on Thursday, saying that inflationary pressures have eased. It is among many central banks opting to go ahead and ease the cost of borrowing as uncertainty over Mr Trump's tariffs and geopolitical crises threaten global growth. US financial markets were closed on Thursday for the Juneteenth holiday (Yuki Iwamura/AP) In Asian trading, Japan's benchmark Nikkei 225 shed 1.0% to finish at 38,488.34. Shares in Japan's Nippon Steel Corp jumped 2.3% after it announced that its acquisition of US Steel, which met US government opposition for more than a year, was finally completed. Hong Kong's Hang Seng dropped 2.0% to 23,237.74 on heavy selling of tech-related shares, while the Shanghai Composite lost 0.8% to 3,362.11. Australia's S&P/ASX 200 was little changed at 8,523.70 and in South Korea, the Kospi rose 0.2% to 2,977.74. US financial markets were closed on Thursday for the Juneteenth holiday, an annual federal holiday in the US. So far, US inflation has remained relatively tame, and it is near the Fed's target of 2%. But economists have been warning it may take months to feel the effects of tariffs. And inflation has been feeling upwards pressure recently from a spurt in oil prices because of Israel's fighting with Iran. Fed officials are waiting to see how big Mr Trump's tariffs will ultimately be, what they will affect and whether they will drive a one-time increase to inflation or something more dangerous. There is also still deep uncertainty about how much tariffs will grind down on the economy's growth. We'll make smarter and better decisions if we just wait a couple months or however long it takes to get a sense of really what is going to be the passthrough of inflation and what are going to be the effects on spending and hiring 'Because the economy is still solid, we can take the time to actually see what's going to happen,' Fed chair Jerome Powell said. 'We'll make smarter and better decisions if we just wait a couple months or however long it takes to get a sense of really what is going to be the passthrough of inflation and what are going to be the effects on spending and hiring and all those things,' he said. In other dealings early on Thursday, benchmark US crude rose 13 cents to 73.63 US dollars. Brent crude, the international standard, advanced 7 cents to 76.77 dollars a barrel. Oil prices have been yo-yoing as fears rise and ebb that the conflict between Israel and Iran could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world's crude passes. In currency trading, the US dollar rose to 145.46 Japanese yen from 145.13 yen. The euro cost 1.1476 dollars, down from 1.1484 dollars.
Western Telegraph
a day ago
- Business
- Western Telegraph
Global shares decline as tensions simmer in the Middle East
On the seventh day of a conflict that began with a surprise wave of Israeli airstrikes targeting military sites, senior officers and nuclear scientists, Iranian state media reported that Iran's foreign minister planned to meet his European counterparts in Geneva. Meanwhile, Israel carried out strikes on Iran's Arak heavy water reactor, in its latest attack on Iran's sprawling nuclear programme. The escalating warfare has shaken financial markets. A dealer watches his computer monitors showing the Korea Composite Stock Price Index (Lee Jin-man/AP) France's CAC 40 slipped 0.8% in early trading to 7,593.06. In Germany, the DAX fell 0.9% to 23,141.82. Britain's FTSE 100 lost 0.5% to 8,797.24. The futures for the S&P 500 and the Dow Jones Industrial Average were 0.4% lower. The Federal Reserve opted on Wednesday to keep its key interest rate unchanged, while its policymakers signalled that they still expect to cut rates twice this year. They project that US president Donald Trump's higher import duties will fuel inflation. They also expect growth to slow and unemployment to edge higher. The Bank of England likewise kept its key interest rate unchanged at 4.25% at its meeting on Thursday, after cutting it twice this year. Switzerland's central bank cut its target interest rate by a quarter of a percentage point to zero on Thursday, saying that inflationary pressures have eased. It is among many central banks opting to go ahead and ease the cost of borrowing as uncertainty over Mr Trump's tariffs and geopolitical crises threaten global growth. US financial markets were closed on Thursday for the Juneteenth holiday (Yuki Iwamura/AP) In Asian trading, Japan's benchmark Nikkei 225 shed 1.0% to finish at 38,488.34. Shares in Japan's Nippon Steel Corp jumped 2.3% after it announced that its acquisition of US Steel, which met US government opposition for more than a year, was finally completed. Hong Kong's Hang Seng dropped 2.0% to 23,237.74 on heavy selling of tech-related shares, while the Shanghai Composite lost 0.8% to 3,362.11. Australia's S&P/ASX 200 was little changed at 8,523.70 and in South Korea, the Kospi rose 0.2% to 2,977.74. US financial markets were closed on Thursday for the Juneteenth holiday, an annual federal holiday in the US. So far, US inflation has remained relatively tame, and it is near the Fed's target of 2%. But economists have been warning it may take months to feel the effects of tariffs. And inflation has been feeling upwards pressure recently from a spurt in oil prices because of Israel's fighting with Iran. Fed officials are waiting to see how big Mr Trump's tariffs will ultimately be, what they will affect and whether they will drive a one-time increase to inflation or something more dangerous. There is also still deep uncertainty about how much tariffs will grind down on the economy's growth. We'll make smarter and better decisions if we just wait a couple months or however long it takes to get a sense of really what is going to be the passthrough of inflation and what are going to be the effects on spending and hiring Fed chair Jerome Powell 'Because the economy is still solid, we can take the time to actually see what's going to happen,' Fed chair Jerome Powell said. 'We'll make smarter and better decisions if we just wait a couple months or however long it takes to get a sense of really what is going to be the passthrough of inflation and what are going to be the effects on spending and hiring and all those things,' he said. In other dealings early on Thursday, benchmark US crude rose 13 cents to 73.63 US dollars. Brent crude, the international standard, advanced 7 cents to 76.77 dollars a barrel. Oil prices have been yo-yoing as fears rise and ebb that the conflict between Israel and Iran could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world's crude passes. In currency trading, the US dollar rose to 145.46 Japanese yen from 145.13 yen. The euro cost 1.1476 dollars, down from 1.1484 dollars.
Korea Herald
2 days ago
- Business
- Korea Herald
Seoul shares up for 4th day amid Israel-Iran conflict; won at 1-month low
South Korean stocks rose for the fourth consecutive day Thursday as investors were trying to digest recent developments in the Israel-Iran military conflict and the US Federal Reserve's rate freeze. The local currency was trading sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index added 5.55 points, or 0.19 percent, to close at 2,977.74, continuing its winning streak since Monday. Trade volume was moderate at 427.3 million shares worth 13.5 trillion won ($9.8 billion), with losers slightly outnumbering winners 441 to 431. Retail investors purchased 351 billion won worth of local shares, offsetting a combined 383.9 billion-won sell-off by foreigners and institutions. Overnight, Wall Street closed mixed after the Fed decided to maintain its benchmark interest rate steady at the 4.25-4.50 percent range. The Dow Jones Industrial Average went down 0.1 percent, and the S&P 500 fell 0.03 percent, while the tech-heavy Nasdaq composite went up 0.13 percent. The Fed kept its projection for two rate cuts this year but showed a more cautious mode amid persisting uncertainties stemming from US President Donald Trump's administration's tariff policies. Fed Chair Jerome Powell said uncertainties have come down after peaking in April, but tariffs are expected to heighten inflationary pressure and weigh on the US economy. Investors' eyes were also on the escalating military conflict between Israel and Iran, with the Trump administration yet to decide whether to join Israel's attack on Tehran's nuclear facilities. The KOSPI began lower due to such global uncertainties but turned higher as retail investors moved to buy shares in IT, defense and other sectors that have recently gained traction. Naver, the operator of the country's biggest search engine, jumped 3.49 percent to 252,000 won, continuing its upward momentum created by Seoul's massive investment plan in artificial intelligence and global investment bank JP Morgan's favorable outlook on the company's future performance. Kakao, the operator of the country's dominant mobile messenger, jumped 9.42 percent to 60,400 won, and Samsung SDS, a cloud provider, climbed 4.53 percent to 168,400 won, also on AI expectations. Defense shares also rose big on the back of escalating tensions in the Middle East. Industry leader Hanwha Aerospace gained 0.76 percent to 934,000 won, Poongsan shot up 17.02 percent to 126,500 won, Hyundai Rotem soared 7.89 percent to 212,000 won, and LIG Nex1 advanced 5.33 percent to 593,000 won. On the other hand, market heavyweight Samsung Electronics shed 1 percent to 59,200 won, and its chipmaking rival SK hynix lost 0.2 percent to 246,000 won. Major shipbuilder Hanwha Ocean lost 3.46 percent to 89,200 won, and game maker Krafton slid 5.75 percent to 360,500 won. Automakers were mixed, with Hyundai Motor up 0.49 percent to 207,000 won and its sister Kia down 0.71 percent to 98,200 won. The local currency was quoted at 1,380.2 won against the greenback at 3:30 p.m., sharply down 10.8 won from the previous session. (Yonhap)
Korea Herald
2 days ago
- Business
- Korea Herald
Seoul shares open tad lower on Fed rate freeze, Middle East uncertainties
South Korean stocks opened slightly lower as investors were trying to digest the US Federal Reserve's rate freeze and developments in the Middle East. The benchmark Korea Composite Stock Price Index fell 4.16 points, or 0.14 percent, to 2,968.03 in the first 15 minutes of trading. Overnight, Wall Street closed mixed after the Fed decided to hold its benchmark interest rate steady at the 4.25-4.50 percent range. The Dow Jones Industrial Average went down 0.1 percent and the S&P 500 fell 0.03 percent, while the tech-heavy Nasdaq composite went up 0.13 percent. The Fed kept its projection for two rate cuts this year but remained in a wait-and-see mode amid persisting uncertainties stemming from the Donald Trump administration's tariff policies. Fed Chair Jerome Powell said uncertainties have come down after peaking in April, but tariffs are expected to heighten inflationary pressure and weigh on the US economy. Investors' eyes were also on the escalating military conflict between Israel and Iran amid lack of details on the direction of the Trump administration's plan for Tehran. In Seoul, investors' eyes are on whether the KOSPI could surpass the 3,000-point mark for the first time in over three years. Tech behemoth Samsung Electronics lost 0.5 percent, and its chipmaking rival SK hynix declined 0.61 percent. Defense giant Hanwha Aerospace dropped 1.19 percent, and major nuclear power plant manufacturer Doosan Enerbility retreated 2.13 percent. But top automaker Hyundai Motor increased 0.73 percent, and leading shipbuilder HD Korea Shipbuilding gained 1.63 percent. Top internet portal operator Naver rallied 4.83 percent, while Kakao, the operator of the country's dominant mobile messenger, soared 6.34 percent. The local currency was trading at 1,375.4 won against the greenback at 9:15 a.m., down 6 won from the previous session. (Yonhap)
