[Morning Briefing] 'Santa Rally' U.S. markets rise…rail union postpones general strike, trains operating normally

◆ New York stocks 'Santa Rally' begins…tech stocks strong

The three major New York stock indexes closed higher together. On the 22nd local time, the Dow Jones Industrial Average rose 0.47% from the previous close to 48,362.68, the S&P 500 index also climbed 0.64% to 6878.49, and the Nasdaq index rose 0.52% to 23,428.83. In relatively quiet trading without particular good or bad news, expectations for a 'Santa Rally' appeared ahead of the year-end holidays. Since AI and semiconductor-themed stocks that led the market this year had been under adjustment for some time, bargain buying focused on these tech stocks.

◆ China, 'trade dispute' — up to 42.7% tariffs on EU dairy products

After confirming anti-dumping duties on EU pork, China decided to impose provisional countervailing tariffs of up to 42.7% on EU dairy products starting from the 23rd. The Chinese Ministry of Commerce said, "Subsidies on dairy products imported from the EU have caused substantial damage to China's related dairy industry, and we have determined there is a causal relationship between the subsidies and the substantial damage." The EU expressed regret to China, calling the measures unfair. Last year, when the EU imposed high countervailing duties on Chinese electric vehicles, China retaliated with tariffs on European agricultural and livestock products, sparking a trade dispute.

◆ Iran conducts missile test launches…Israel "to discuss with U.S."

Reuters, citing local media, reported that Iran conducted missile launch drills in several cities on the 22nd local time. U.S. outlet Axios, citing sources, reported that "Israeli officials warned the U.S. government over the past weekend that 'the missile drills by the Islamic Revolutionary Guard Corps may be preparing for an attack on Israel.'" In this context, Israeli Prime Minister Benjamin Netanyahu said he is aware of Iran's movements and "will discuss Iran's nuclear activities with U.S. President Donald Trump."

◆ Rail union postpones general strike…trains operating normally

The nationwide railroad union, which had demanded the "normalization of performance bonuses," postponed the general strike that had been scheduled to start at 9 a.m. today (23rd). Accordingly, KORAIL said all trains will operate normally. According to the union, it made this decision after reaching a tentative agreement with the government to normalize the criteria for performance bonus payments. The union said it will hold off on the general strike for now and watch the decision of the Public Institutions Management Committee scheduled to meet today.

◆ Rain nationwide from the afternoon…some areas may see snow

Today, Tuesday, skies will be mostly cloudy nationwide and will gradually become overcast from the morning, with rain expected in most regions in the afternoon. Expected precipitation is around 5~20㎜ in the Seoul metropolitan area, Chungcheong, Honam and Yeongnam regions, while northern Gyeonggi and inland and mountainous areas of Gangwon will see rain or snow. Daytime temperatures will be 3~15°C, and fine dust levels are forecast to be 'Good' or 'Moderate' nationwide.

Kim Bong-gu, Hankyung.com reporter kbk9@hankyung.com