[In-depth] Global market wrap-up _ 080619
- 5 years ago
증시 대담
It's time now for an in-depth look at the global markets on this Tuesday.
And for that I'm joined on the line by Mr. Daniel Yoo, global strategist at Kiwoom Securities.
Mr. Yoo, thank you for making time this afternoon.
Thank you.
A whole host of factors have hit the Korean markets this week, including the escalation of the U.S.-China trade war, and this being the first week of trading since Japan said it's taking Korea off its white list. Yesterday the Kospi down 2 percent, the Kosdaq absolutely hammered, down 7 percent. And today they continued to fall.
Stocks were suffering their worst one-day losses since February 2018 on Monday after China allowed the yuan to sink in apparent retaliation against U.S. threats to impose new tariffs on Chinese goods imported into the United States.
The S&P 500 and Dow Jones industrials each tumbled 3.2%. The Nasdaq Composite plunged nearly 4%. Markets around the world also slumped as the trade war flared up again.
The yuan USD/CNY was allowed to weaken to more than 7 yuan per dollar, a level not seen in at least 10 years. The effect is to make Chinese goods cheaper against U.S. goods and dampen U.S. exports to China.
The Trump Administration and China's government have been waging a furious game of tariffs and counter-tariffs as Trump seeks to rebalance the trade relationship between the countries. After a meeting between Chinese and U.S. officials last week didn't go well, Trump ordered the tariffs boosted.
China, aggressively asserting a leadership role in global trade matters, has said it won't be bullied.
Korean market after sharp fall yesterday by more than 2.5%, today also started with 2.83% fall, but rebounded and closed at 0.89% down. Kosdaq also rebounded after falling 7.5% yesterday… but not by much…
Nikkei falls another 1% after 1.7% decline yesterday.
Chinese market also continues to fall 2% plus… Chinese government's strong stands is not good news for the global equity market.
Now, with China, for the first time since the financial crisis the RMB is trading at more than 7 to the dollar. President Trump, as he said he would, has now designated China a currency manipulator. What has China done here, and why the designation now? The U.S. Treasury Department on Monday designated China as currency manipulator, a historic move that no White House had exercised since the Clinton administration.
"Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator," the Treasury Department said in a release. "As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China's latest actions."
The formal designation - the first since President Bill Clinton's administration in 1994 - came after China on Monday allowed its currency to breach a psychological level.
"In recent days, China has taken concrete steps to devalue its currency, while maintaining subst
It's time now for an in-depth look at the global markets on this Tuesday.
And for that I'm joined on the line by Mr. Daniel Yoo, global strategist at Kiwoom Securities.
Mr. Yoo, thank you for making time this afternoon.
Thank you.
A whole host of factors have hit the Korean markets this week, including the escalation of the U.S.-China trade war, and this being the first week of trading since Japan said it's taking Korea off its white list. Yesterday the Kospi down 2 percent, the Kosdaq absolutely hammered, down 7 percent. And today they continued to fall.
Stocks were suffering their worst one-day losses since February 2018 on Monday after China allowed the yuan to sink in apparent retaliation against U.S. threats to impose new tariffs on Chinese goods imported into the United States.
The S&P 500 and Dow Jones industrials each tumbled 3.2%. The Nasdaq Composite plunged nearly 4%. Markets around the world also slumped as the trade war flared up again.
The yuan USD/CNY was allowed to weaken to more than 7 yuan per dollar, a level not seen in at least 10 years. The effect is to make Chinese goods cheaper against U.S. goods and dampen U.S. exports to China.
The Trump Administration and China's government have been waging a furious game of tariffs and counter-tariffs as Trump seeks to rebalance the trade relationship between the countries. After a meeting between Chinese and U.S. officials last week didn't go well, Trump ordered the tariffs boosted.
China, aggressively asserting a leadership role in global trade matters, has said it won't be bullied.
Korean market after sharp fall yesterday by more than 2.5%, today also started with 2.83% fall, but rebounded and closed at 0.89% down. Kosdaq also rebounded after falling 7.5% yesterday… but not by much…
Nikkei falls another 1% after 1.7% decline yesterday.
Chinese market also continues to fall 2% plus… Chinese government's strong stands is not good news for the global equity market.
Now, with China, for the first time since the financial crisis the RMB is trading at more than 7 to the dollar. President Trump, as he said he would, has now designated China a currency manipulator. What has China done here, and why the designation now? The U.S. Treasury Department on Monday designated China as currency manipulator, a historic move that no White House had exercised since the Clinton administration.
"Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator," the Treasury Department said in a release. "As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China's latest actions."
The formal designation - the first since President Bill Clinton's administration in 1994 - came after China on Monday allowed its currency to breach a psychological level.
"In recent days, China has taken concrete steps to devalue its currency, while maintaining subst