Time now for an in-depth look at the market news this afternoon.
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, thank you as always for coming on.
In the U.S. both Jerome Powell Fed chairman and Steve Mnuchin, treasury secretary, are under pressure to do more to prevent an even worse economic downturn. They're taking different approaches to the problem, it seems, according to what they said to Congress yesterday. What do you make of this situation and what else can be done to save the American economy?
Stocks were down overnight based on what Powell and Mnuchin said, plus a report that's dampened expectations for that vaccine from Moderna. The Dow slipping by about 1-and-a-half percent, the Nasdaq by half a percent. What's the story in the global markets?
We saw yesterday that earnings by Korea's listed companies were cut in half in the first quarter. It seems that'll get worse in Q2 when exports have taken a bigger hit. What's your outlook for the Korean financial markets?
Alright, Professor Yang.
We appreciate your insights.
Thanks so much for coming on.