Why caterpillar stock is soaring

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,322.64 points on Wednesday, down 45.35 points, or 1.91 percent, from the previous trading day. [YONHAP] Stocks plunged by almost 2 percent Thursday to slump for a second straight session amid recession woes and a dim outlook for the chipmaking sector. The won rose against the dollar. The Kospi retreated 45.35 points, or 1.91 percent, to close at 2,332.64 points. Trading volume was moderate at about 506 million shares worth some 8.7 trillion won ($6.7 billion), with losers outnumbering gainers 699 to 183. Institutional investors offloaded a net 321 billion won, and foreigners sold 234 billion won, while retail investors bought 521 billion won. Investors remained cautious after a near 2 percent fall on Wednesday, spooked by soaring inflation and weak economic sentiment data in the United States. Overnight, the central bank chiefs of major economies warned that the world's high inflation … [Read more...] about Stocks fall almost 2% for second straight session

- A + A (June 30): All emerging Asian currencies were set for half-yearly losses on Thursday, with the South Korean won set to lose the most, as policy tightening by the US central bank and concerns over global economic outlook spurred selling in Asian assets. The won dropped 8.4% so far this year, while the Philippine peso and Indian rupee were on track to post half-yearly losses of 7.3% and 5.8%, respectively. Emerging markets in the six-month period were battered by capital outflows due to the US Federal Reserve kicking off its tightening cycle, Russia's invasion of Ukraine, and inflation from higher commodity prices. Among local drivers, China's insistence on a zero-Covid policy also spurred selling as the country's repeated imposition of restrictions means a slower economic recovery for the region's largest economy. "The broader market ... they need some more convincing because I think at the back of their mind, they've still got this hesitancy due to the … [Read more...] about Asian currencies set for half-year losses on rate hikes, inflation woes

- A + A BENGALURU (June 30): European shares on Thursday looked set for their worst quarter since the pandemic-led carnage in early 2020, as investors became increasingly wary of a global recession in the wake of hawkish central bank actions to tame rapid inflation. The continent-wide STOXX 600 index dropped 1.3%, setting it up for quarterly losses of more than 10%. France's CAC 40 index slid 1.8% as preliminary official figures showed inflation climbed further from the previous month to a record 6.5%. "What we're seeing at the moment is more evidence that inflation is serious, entrenched and investors are having to now reappraise the valuations they are putting on equities," said Azad Zangana, senior European economist and strategist at Schroders. "Now for a little while, the attitude in Europe was well a lot of the inflation is external. That's changing now and over the next few months, the European Central Bank will have to step up its efforts to curb … [Read more...] about European shares face worst quarter since pandemic-led carnage in early 2020