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. Thanks for coming on today.
Stocks on Wall Street overnight started out a little uncertain, but in the end closed at new highs as investors look ahead to earnings from big tech. Tesla was one company that reported earnings after the close and it's stock is moving higher. What's the story in the global markets and what do you see ahead?
Here in Korea, stocks were higher today too on the main KOSPI index, foreign investors and institutions net buying and retail investors seeing a chance to take some profits, it seems. A little lower, though, on the KOSDAQ. Tell us about the domestic market.
If we can take a closer look at one company, SK Hynix, Korea's second-biggest chipmaker. Revenue in the second quarter there rising to 10 trillion won for the first time in three years. Around nine bilion dollars, give or take. Operating profit was up quite a bit to around 2-and-a-half billion, but still a little short of market expectations. What's happening at SK hynix, and can we expect better in the second half of the year?
In the second quarter, data show Korea's economy grew by about as much as expected seven tenths of a percent. We also saw the biggest rise in private consumption in over a decade and the biggest in government spending since the 1980s. What do you make of this data from the Bank of Korea?