Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Mr. Daniel Yoo, Global Strategist at Yuanta Securities.
Mr. Yoo, good afternoon. Thanks for coming on today.
Let's start with the equity markets. Stocks on Wall Street had a bit of a rebound on Monday coming off the big decline last Friday. Investors, of course, nervous about the Omicron variant of the coronavirus. The S&P up 1-and-a-third percent, the Nasdaq almost 1.9 percent. What's the story in the global markets?
The past week has been especially rough on Korean stocks, and that continued today. Both main indices down by more than two percent, the KOSPI closing well below 29-hundred points. Tell us about the domestic market.
Let's talk about the metaverse for a minute. Korea's on the cutting edge of that new space, and the combined value of a group of Metaverse funds that came out recently has now topped a trillion won, another indication of the excitement out there about the Metaverse. What do you see happening in this emerging sector?
Last month, we saw Korea's industrial production fall by the most in a year and a half. There was an increase from the month before in retail sales, but pretty much everything else that had been recovering came to a halt. Tell us about that, and what stands out to you about the situation.