◆New York Stock Exchange, three major indices fell ahead of Thanksgiving
The New York stock market fell ahead of the Thanksgiving holiday on fears of a new coronavirus infection (Corona 19) in China. On the New York Stock Exchange (NYSE), the Dow Jones 30 Industrial Average closed at 33,700.28, down 45.41 points (0.13%) from the battlefield. The Standard & Poor’s (S&P) 500 index closed at 3,949.94, down 15.40 points (0.39%) from the battlefield, and the Nasdaq closed at 11,024.51, down 121.55 points (1.09%). Investors were cautious, noting the rise in confirmed cases of COVID-19 in China, remarks by Fed officials, and Thanksgiving and Black Friday scheduled for later in the week. While most stocks were sluggish, Walt Disney shares rose more than 6% on the news that Bob Iger, who had led Disney for the past 15 years, was reappointed as the company’s CEO.
◆In the midst of economic recession, domestic conglomerates’ inventories are ‘highest ever’
As the global economic downturn began in earnest, the size of inventories at major Korean companies has soared. According to Leaders Index, as of the end of the third quarter of 195 of the top 500 companies that disclosed their inventories, their inventories amounted to 165.4432 trillion won, up 36% from the end of last year. It is the largest ever since 2010, when statistics were compiled. In particular, the increase in stocks of products and semi-finished products was steeper than that of commodities, which is an analysis that proves that exports are decreasing. Inventory increased the most in the IT and electrical/electronic industries. Samsung Electronics’ inventories at the end of the third quarter increased by 42.6% and SK Hynix’s by 174.7% from the end of last year.
◆Today’s Sejong-daero · Yeouido large-scale rally… Anticipate traffic congestion
Today, large-scale rallies are held in Sejong-daero and Yeouido, and extreme traffic congestion is expected. The Korean Confederation of Trade Unions’ National Construction Workers’ Union announced that it will hold a preliminary meeting of 20,000 people at 10 am today in the section between Sungnyemun Gate and Samsung Main Building on Sejong-daero. The police decided to operate only two lanes of Sejong-daero in the direction of Sungnyemun during the assembly time. Starting at 1:30 p.m., around 40,000 people will hold an all-out struggle resolution rally between Mapo Bridge and Seoul Bridge in Yeoui-daero. The main road on the opposite side of the meeting place will be operated with variable lanes in the direction of Seoul Bridge, and the auxiliary road in the direction of the city center. Police urged people to use public transportation as much as possible when moving around the area.
Gangwon-do ski resort postponed due to warm weather
The opening of a ski resort in Gangwon has been postponed indefinitely due to the recent warm weather. Yongpyong Resort and Phoenix Pyeongchang announced that they would delay the opening of ski resorts due to difficulties in making artificial snow as the warm weather continued. The Gangwon Regional Meteorological Administration predicted through a three-day forecast that the morning minimum temperature in the mountainous regions of Gangwon, including Daegwallyeong, would not fall below zero. As a result, the first ski resort in Gangwon is likely to open in the first week of December.
◆Rain forecast for most parts of the country this followingnoon
It is a ‘novel’ (小雪) that the first snow falls in season, and today, which is Tuesday, it will rain instead of snow. The Korea Meteorological Administration predicted that rain would start from the east coast and Jeju Island in the morning and rain in most parts of the country in the followingnoon. This rain will continue until tomorrow morning in most areas and until tomorrow night on the east coast. There will be dense fog in the central region before rain this morning. The highest daytime temperature will be 12 to 18 degrees nationwide, including 15 degrees in Seoul, which is 1 to 5 degrees lower than yesterday. The waves of the sea will rise as high as around 3m in all waters of the East Sea, and there will be places where high swells are pushed in on the East Coast.
Kim Eun-ji, Hankyung.com reporter eunin11@hankyung.com
