Losing Streak May Continue For South Korea Shares

RTTNews | 872 days ago
Losing Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has finished lower in four straight sessions, sinking more than 110 points or 4.8 percent along the way. The KOSPI now rests just beneath the 2,220-point plateau and it's tipped to open under pressure again on Wednesday.

The global forecast for the Asian markets is mixed to lower thanks to rising recession fears. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The KOSPI finished modestly lower on Tuesday as losses from the technology, oil and chemical companies were mitigated by support from the financial shares and automobile producers.

For the day, the index shed 6.99 points or 0.31 percent to finish at 2,218.68 after trading between 2,180.67 and 2,230.98. Volume was 403.6 million shares worth 6.03 trillion won. There were 523 decliners and 343 gainers.

Among the actives, Shinhan Financial collected 2.04 percent, while KB Financial surged 3.05 percent, Hana Financial soared 2.21 percent, Samsung Electronics eased 0.18 percent, LG Electronics sank 0.81 percent, SK Hynix dipped 0.13 percent, Naver slumped 0.56 percent, LG Chem shed 0.50 percent, Lotte Chemical fell 0.28 percent, S-Oil tanked 2.05 percent, SK Innovation plunged 2.90 percent, SK Telecom lost 0.63 percent, KEPCO improved 0.78 percent, Hyundai Mobis slid 0.25 percent, Hyundai Motor accelerated 1.27 percent, Kia Motors jumped 1.46 percent and POSCO was unchanged.

The lead from Wall Street is soft as the major averages shook off early support on Tuesday, quickly turning lower and spending the rest of the day in the red.

The Dow shed 1088 points or 0.03 percent to finish at 33,136.37, while the NASDAQ lost 79.50 points or 0.76 percent to end at 10,386.98 and the S&P 500 fell 15.36 points or 0.40 percent to close at 3,824.14.

The early strength on Wall Street came as traders looked to get the New Year started on a positive note following a dismal 2022. For last year, the NASDAQ plummeted 33.1 percent, the S&P 500 lost 19.4 percent and the Dow sank 8.8 percent.

A report from the International Monetary Fund says about one third of the world economy will likely go into a recession this year. A rebound from treasuries also added to the negative sentiment.

A report released by the Commerce Department unexpectedly showed a modest increase in U.S. construction spending in the month of November.

Crude oil prices fell on Tuesday amid concerns about the outlook for energy demand due to rising fears of a recession. West Texas Intermediate Crude oil futures for February ended down $3.33 or 4.2 percent at $76.93 a barrel, a two-week low.

read more
Euro Slips On Trump's Tariff Proposal

Euro Slips On Trump's Tariff Proposal

The euro fell against its major counterparts on Friday, as President Donald Trump proposed tariffs on imports from the European Union starting on June 1.
RTTNews | 1 day ago
Swiss Market Ends Weak On Tariff Concerns

Swiss Market Ends Weak On Tariff Concerns

After opening on a positive note and staying above the flat line till about an hour past noon, the Switzerland market tumbled on Friday, hurt by U.S. President Donald Trump's threat that imports from the European Union will face 50% tariffs from June 1st.
RTTNews | 1 day ago
European Stocks Closed Weak On Trump's Fresh Tariff Threat

European Stocks Closed Weak On Trump's Fresh Tariff Threat

European stocks closed on a weak note on Friday despite staging a fairly strong recovery past mid afternoon. After staying modestly higher till noon, the major European markets tumbled after U.S. President Donald Trump threatened to impose 50% tariffs on imports from the European Union from June 1st.
RTTNews | 1 day ago
TSX Recovers After Early Setback; Materials Stocks Move Higher

TSX Recovers After Early Setback; Materials Stocks Move Higher

After a weak start and a subsequent drop to lower levels, the Canadian market recovered well and is down just marginally a little past noon on Friday. The early setback was due to U.S. President Donald Trump's threat that 50% tariffs will be imposed on imports from the European Union beginning June 1st.
RTTNews | 1 day ago
U.S. New Home Sales Spike From Downwardly Revised Level In April

U.S. New Home Sales Spike From Downwardly Revised Level In April

The Commerce Department released a report on Friday showing new home sales in the U.S. in the month of April spiked compared to a significantly downwardly revised level in March. The report said new home sales soared by 10.9 percent to an annual rate of 743,000 in April after jumping by 2.6 percent to a downwardly revised rate of 670,000 in March.
RTTNews | 1 day ago
Germany Logs Stronger Growth On Tariff Threats

Germany Logs Stronger Growth On Tariff Threats

The German economy grew at a stronger-than-estimated pace in the first quarter as higher tariff threats by the U.S. administration led to the frontloading of orders for the country's goods, lifting exports and industrial production. Gross domestic product grew 0.4 percent, which was double the initial estimate of 0.2 percent, a detailed report from Destatis revealed on Friday.
RTTNews | 1 day ago
Bay Street Likely To Open On Negative Note On Tariff Concerns

Bay Street Likely To Open On Negative Note On Tariff Concerns

Canadian shares look headed for a weak start Friday morning as tariff concerns resurfaced after U.S. President Donald Trump threatened 50% tariffs on EU goods from June 1. Weak oil prices could hurt energy stocks and add to market's downside.
RTTNews | 1 day ago
FTSE Pares Early Gains, Up Marginally In Cautious Trade

FTSE Pares Early Gains, Up Marginally In Cautious Trade

U.K. stocks moved higher Friday morning, reacting to data showing a notable rise in retail sales, and survey showing strong consumer confidence. However, stocks pared gains subsequently in cautious trade and the market was up just marginally a little past noon.
RTTNews | 1 day ago