Putin’s nuclear threat… New York stock market bearish morning briefing ahead of next week’s FOMC

◆ ‘Attack on the mainland’ Putin again nuclear threat… “Nuclear weapons are a means of defense and counter-attack.”

Russian President Vladimir Putin has reiterated the possibility of using nuclear weapons after a series of recent attacks on military installations on the Russian mainland. On the 7th local time, President Putin said at the annual televised meeting of the Human Rights Council that “the crisis of nuclear war is increasing” and that “Russia considers nuclear weapons as a means of defense and a possible counterattack,” Sputnik reported and Reuters. . “We have not sent tactical nuclear weapons to other countries like the United States,” he said. “Russia will defend its territory and its allies at all costs.” In Russia, on the 5th, explosions occurred at two military airfields in Ryazan, Ryazan, and Engels, Saratov, killing three people and damaging two planes.

◆ New York stock market, generally bearish due to recession concerns… Nasdaq 0.51% ↓

Overnight, major indices on the New York Stock Exchange were broadly bearish as recession concerns persisted ahead of the regular Federal Open Market Committee (FOMC) meeting scheduled for next week. In the New York Stock Exchange (NYSE) on the 7th local time, the Dow Jones Industrial Average 30 closed at 33,597.92, up 1.58 points (0.00%) from the battlefield. The Standard & Poor’s (S&P) 500 index closed at 3933.92, down 7.34 points (0.19%) from the battleground, and the Nasdaq closed at 10,958.55, down 56.34 points (0.51%). Investors appear to have resorted to a wait-and-see approach as there is little material to move the market until next week, despite warnings that intense US central bank (Fed) tightening could increase the risk of recession.

◆ Government, temporary cabinet meeting in the morning… Considering steel and petrochemical business start-up orders

On the 8th, the government held a temporary cabinet meeting to discuss the issuance of an order to start additional business in connection with a collective transportation refusal by the public transport union of the Korean Confederation of Trade Unions Headquarters Cargo Solidarity (Cargo Solidarity). The cabinet meeting, chaired by Prime Minister Han Deok-soo, will be held at the Seoul Government Center at 9:30am on the same day. It is known that the government is very likely to decide to issue an order to start additional operations in the steel and petrochemical sectors on this day. According to the Lorry Transport Business Act, the Minister for Lands, Infrastructure and Transport can order the start of a business if it is recognized that there is a risk of causing a very serious crisis to the national economy by significantly disrupting the transport of goods by refusing to transport goods together without grounds which can be justified.

◆ Highly pathogenic AI outbreak… Wholesale prices of duck meat and eggs rise by 10% in one month

As outbreaks of highly pathogenic avian influenza (AI) infection continue in poultry farms across the country, duck meat and egg prices are on the rise. This year, as a number of confirmed cases were reported in meat duck farms and laying hen farms, the wholesale price of duck meat and eggs rose by 10% each in a month. According to the Central Accident Response Headquarters on the 8th, a total of 34 highly pathogenic AI cases occurred in poultry farms across the country in 50 days from October 19 this year to today, based on the confirmation date. According to the livestock distribution information of the Livestock Quality Evaluation Institute, the wholesale price per kg of duck meat (No. 20-26) was 546 won the previous day, up 10.7% from a month ago (November 8). The previous day, the wholesale price of eggs was 1933 won per 10 eggs, up 9.2% from a month ago (1770 won).

◆ Musk makes Louis Vuitton CEO the richest person in a while because of the rise in Tesla’s stock price

On the 7th (local time), Tesla CEO Elon Must briefly gave up his position as the world’s richest man to Bernard Arnault, chairman of Louis Vuitton Moët Hennessy (LVMH). According to the real-time billionaire rankings compiled by Forbes, an economic magazine, Chairman Arno once ranked first as the richest person on the New York Stock Exchange on this day as Tesla’s stock plunged, and Musk was pushed to the second place. Reuters reported that “Musk briefly lost the title of world’s richest man following a sharp decline in the value of his stake in Tesla and the $44 billion acquisition of social media Twitter.” Since September last year, Musk has surpassed Amazon founder Jeff Bezos to become the world’s richest man.

◆ There are many clouds all over the country… Cold in the morning in Seoul, Chuncheon, etc.

On Thursday night, the 8th, there will be a lot of clouds across the country. The temperature across the country will be above average, but the morning temperature in Seoul and Chuncheon will be rather cold. According to the Korea Meteorological Administration, it is on the edge of the high pressure located in the southern west coast of the country, so there will be many clouds throughout the country and there will be places with dense fog until the morning. The lowest temperature in the morning is expected to be between -5 and 5 degrees, and the highest temperature during the day is 5 to 14 degrees. Temperatures will be around 2 to 3 degrees above normal (low -7 to 3 degrees in the morning, high 4 to 11 degrees during the day), but will remain below freezing in many places. The concentration of fine dust is expected to be ‘normal’ in all regions. However, it will temporarily rise to the ‘bad’ level in the morning and evening in southern Gyeonggi, Chungnam, and Jeonbuk, and at night in Daejeon, Chungbuk, Gwangju, Daegu, and Gyeongbuk.

Cha Eun-ji, Hankyung.com reporter chachacha@hankyung.com