Time now for an 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. Thank you for coming on today.
Stocks on Wall Street closed higher overnight. A pretty significant gain across all three main indices. Earnings from Walmart, though, took some investors by surprise, coming in mixed and projecting lower earnings ahead, sending shares down sharply. What's behind this rise in U.S. stocks, and what's happening elsewhere in the global markets?
Korean stocks started out strong today with that boost from Wall Street. By this afternoon the gain on the KOSPI was smaller, and the tech-heavy KOSDAQ outperformed. The exchange rate has come back down to below 12-70. Tell us about the domestic market today.
Now the turmoil in cryptocurrencies, Professor. The collapse of TerraUSD has shaken investor confidence in so-called stablecoins more broadly. These are an essential part of the crypto space, used on exchanges when investors move in and out of other more volatile tokens. This has led to calls for strict regulation of these instruments. Korean regulators have now asked local exchanges for data on Terra and Luna transactions. Where do you see this going, Professor?
Finally, Professor, the price of wheat in Europe is at an all-time high now. Making matters worse, India is stopping all of its wheat exports to ensure its own supplies. Then there's Indonesia with its ban on palm oil exports. So food prices most everywhere are going higher. What's the extent of the problem here, Professor?