New York stocks mixed ahead of interest rate decision…subfreezing cold on the morning commute [Morning Briefing]

◆New York stocks mixed ahead of rate decision

The three major U.S. stock indices showed mixed results ahead of the Federal Open Market Committee (FOMC)'s interest rate decision. In early trading at the New York Stock Exchange, the Dow Jones Industrial Average fell 0.38%, the Standard & Poor's (S&P) 500 fell 0.09%, while the technology-heavy Nasdaq Composite rose 0.13%. Small- and mid-cap stocks showed relative strength: the Russell 2000 rose 0.21% today and even reached an intraday record high. Today's mixed performance was influenced by the U.S. central bank's rate decision scheduled for the 11th Korea time. The Chicago Mercantile Exchange (CME) FedWatch Tool, a U.S. policy rate prediction model, indicated an 87.4% probability of a Fed rate cut as of today.

◆End of the first regular session of the Lee Jae-myung administration

Lee Jae-myung's administration's first regular session of the National Assembly officially ended today. After the Democratic Party of Korea announced plans to process judicial reform bills within the year, including the establishment of a court for internal uprisings and a crime of judicial distortion, the People Power Party responded with a filibuster (unlimited debate), and the regular session concluded amid clashes between the ruling and opposition parties until the final day. The biggest achievement was meeting the statutory deadline for the budget for the first time in five years; through agreement in the plenary session on the 2nd, the two sides processed a budget worth 727.9 trillion won. The 'K-Steel Act' to support the steel industry and the 'Petrochemical Special Act' to assist structural conversion in the petrochemical industry also passed the plenary session by bipartisan agreement. Although the regular session has ended, a temporary session will begin immediately. The plenary session to process bills is expected to convene on the 11th.

◆First search and seizure at Coupang headquarters

In connection with the personal data leak incident, police conducted a sudden search and seizure at Coupang's headquarters yesterday. Police are understood to have secured digital evidence related to the route of the personal data leak, focusing on Coupang's information security-related departments. The police plan to focus investigative efforts on confirming how a former Chinese national employee, named as a suspect, was able to siphon off large amounts of personal data. A class action lawsuit against Coupang's U.S. headquarters is also being pursued, and the National Assembly has selected Chairman Kim Beom-seok as a witness for the Coupang hearing scheduled for the 17th.

◆Below-freezing cold in the morning…snow/rain in parts of Gangwon in the afternoon

On Wednesday, clouds will be widespread nationwide, becoming increasingly cloudy from night. From afternoon to evening, central and northern inland areas of Gangwon may see raindrops under 0.1 mm, and central and northern mountainous areas of Gangwon may see snow under 0.1 cm. Morning temperatures will be at or below 0°C in most parts of the country, and below -5°C in inland Gangwon and inland North Gyeongsang, so caution is advised for health management. Daytime temperatures are forecast to be 7–14°C.

Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com