Seoul shares open sharply higher on US gains amid eased inflation woes
Korean shares opened sharply higher Friday, led by gains in major chipmakers, tracking an overnight rally in U.S. shares, as latest U.S. data eased woes over accelerating inflation. The benchmark Korea Composite Stock Price Index (KOSPI) opened 182.33 points, or 2.7 percent, higher at 6,995.67. Overnight, the U.S. stock market rose to an all-time high amid easing oil prices. The S&P 500 climbed…
Korean shares opened sharply higher on Friday, driven by gains in major chipmakers and tracking an overnight rally in U.S. shares, as latest data eased concerns over accelerating inflation. The KOSPI index jumped 182.33 points, or 2.7 percent, to 6,995.67. The U.S. stock market had previously surged to an all-time high, with the S&P 500 up 0.7 percent, the Dow Jones Industrial Average up 0.1 percent, and the tech-heavy Nasdaq Composite up 0.8 percent.
U.S. wholesale inflation cooled in July, with energy and food costs declining, which, combined with weaker-than-expected job data from the previous week, is expected to lessen pressure on the Federal Reserve to tighten monetary policy.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.
