00:02you're listening to ai prism from seoul economic daily foreign investors bought korean equities
00:08for a fifth straight session short pause and the cost p still fell 1.55 percent the one touched
00:161 408 per dollar its strongest level since early october last year the u.s 30-year treasury yield
00:24hit 5.31 percent a 19-year high korea's short-term external debt just crossed 40 percent of foreign
00:32reserves it's wednesday august 19th here's why global investors are paying attention to korea today
00:38two forces are pulling korean assets in opposite directions softer u.s data revived expectations
00:45that the federal reserve holds in september which lifted the one and pulled foreign money back into
00:50seoul but u.s long-end yields are climbing on fiscal supply and that is capping every risk asset in
00:57asia here's what the numbers show the one closed at 1 411.80 per dollar down 1.201 after touching
01:081 408 intraday foreign investors net bought 91.4 billion one about 65 million dollars on the main
01:17board for a fifth consecutive session the cosby still closed 108.11 points lower at 6 869.83
01:26and the cosdac fell 3.52 percent matter of fact the u.s 30-year yield rose five basis points
01:34to 5.31
01:35percent the highest since june 2007 after a 25 billion dollar auction cleared at 5.22 percent
01:43japan's 10-year yield touched 2.930 percent its highest in about 30 years korea's short-term external
01:51debt passed 40 percent of reserves against 286.1 percent in the fourth quarter of 1997 and 78.4 percent
02:01in the third quarter of 2008 reserves met imf adequacy standards at above 110 though they remain below the
02:10october 2021 peak of 469.2 billion dollars barclays estimates one strength could cut second quarter gross
02:18domestic income growth by 0.50 to 2.00 percentage points with non-it firms carrying 66 percent of third
02:27quarter translation losses so what does this mean for global investors weighing korea exposure
02:32earlier we said foreign buying returned while the index still fell here's what that actually means
02:38for you the marginal driver of korean equity returns sits in the u.s long end not in korean fundamentals
02:45currency and external buffers look supportive so the allocation question is discount rates not country
02:52risk watch the korea investment corporation act amendment due to be filed late this month creating
02:59a 20 trillion one strategic sovereign fund about 14 billion dollars with first investments next year
03:06watch nvidia's earnings and the jackson hole meeting later this month for the next move in rate
03:12expectations watch the 30-year treasury yield against its june 2007 record of 5.44 percent that's today's
03:21ai prism global investors this episode was produced with ai assistance based on seoul economic daily
03:27reporting and reviewed by a human editor ai prism is a juan ifra award-winning series we'll be back
03:34tomorrow you've been listening to ai prism from seoul economic daily
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