증시 대담
It's time now for an in-depth look at the global markets this afternoon.
And for that, I'm joined on the line by Mr. Daniel Yoo, Global Strategist at Kiwoom Securities.
Mr. Yoo, thank you for coming on today.
Wall Street was up on Monday the Dow almost 1 percent and the Nasdaq about 1-and-a-third percent. Talk of recession in different parts of the world seeming to ease. What's the story today?
U.S. stocks rose sharply on Monday as reports of stimulus efforts in China and Germany calmed fears of a severe economic recession.
China's central bank unveiled a key interest rate reform on Saturday to help steer borrowing costs lower for companies. On Sunday, German Finance Minister Olaf Scholz suggested that Berlin could make available up to 50 billion euros ($55 billion) of extra spending.
Postive impact to global markets. Kospi up 0.6%, Kosdaq up 0.8%
Nikkei up 0.4% (0.7% up yesterday), Shanghai up 0.1% (2% rise yesterday), Shenzhen up 0.3% after over 3% rise on Monday.
Here in Korea, investors in certain derivative funds based on bonds in the U.S., Germany and Britain are facing huge losses. The thing is... reports say some of of these investors thought they were buying the bonds themselves, not derivative products. The Financial Supervisory Service is investigating. What's happening here?
Due to the global economic slowdown and the sharp drop in bond yields of major countries, local investors could lose 455.8bn won or 55.4% of the total investments of 822.4 billion won invested in DLF, DLS. (these products are linked to foreign interest rates.)
In particular, the average loss ratio of the German 10-year Treasury Bond-linked Derivative Combined Fund (DLF) was 95.1%, and the estimated loss amounted to KRW 120.2 billion, causing investors to panic. The Financial Supervisory Service decided to conduct a joint investigation of the inspection bureaus by industry on the 22nd and 23rd of late this week, based on written statements by banks and securities firms.
According to the FSS on August 19, foreign interest rate-linked funds (DLFs) and derivatives-linked securities (DLS) sales amounted to 8224 billion won. Out of that retail investors invested 89.1% of the total. 3654 individual investors invested 7326 billion won. For the remaining 188 companies invested 89.8 billion won. 99.1% (81.5 billion won) of the total sales were sold by the bank as a fund (private DLF), and the remaining 7.4 billion won was sold by Securities firm.
We're now seeing what Japan's export restrictions on Korea mean in practice. The Japanese authorities have approved another shipment of one of the materials they'd restricted, namely photoresis. What do you think that means in the context of this trade dispute?
The Japanese government has approved an additional export of Korean photoresist, one of the key semiconductor materials. This is the second export license since the three major material export regulations for semiconductors and displays have been announced by Japan
