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. Thank you for making time today.
Let's start with Wall Street, where the sell-off continued overnight, led by tech. It seems this could be something different from the brief spells of volatility we've seen more recently. The Nasdaq at one point was actually up quite a bit, but in the end was down one.three percent. What's the story in the global markets?
Today, Korean stocks down sharply as well, led by the big chipmakers. Very few bright spots in the market today, though Kakao Pay was one of them. Retail investors buying a lot of shares today, though. Tell us about the domestic market.
The Cabinet today has approved this year's first extra budget, which will go to the National Assembly next week for a vote. It includes another round of payments to small business owners hit by the pandemic. The budget's worth about 12 billion dollars, and most if it's going to be paid for by issuing debt, at least to start with. This is a concern in some quarters, taking on more debt as rates rise. What do you make of the situation?
Data show that in the first twenty days of this month Korea's exports are up 20 percent from a year ago. Leaving aside the number of working days, we see bigger shipments in chips, cars, electronics, and so on. But imports went up by even more, leaving a deficit. Tell us about that and what you see happening in trade.