New York stocks down for a third day…Mostly clear on year's last day [Morning Briefing]

◆ New York stocks weakened for a third consecutive day ahead of the final trading day of the year

The three major New York indices continued to weaken for a third consecutive day on the 30th local time. With no market-moving developments a day before the final trading day of the year, investors maintained a selling bias. At the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 48,367.06, down 94.87 points (0.20%) from the previous close. The Standard & Poor's (S&P) 500 index fell 9.50 points (0.14%) to 6,896.24, and the tech-heavy Nasdaq index closed at 23,419.08, down 55.27 points (0.24%).

◆ International oil prices fell as Middle East tensions over Yemen eased

International oil prices edged lower. Tensions between Saudi Arabia and the United Arab Emirates (UAE) over Yemen eased, turning prices lower during the session. At the New York Mercantile Exchange, West Texas Intermediate (WTI) for February delivery next year closed at 57.95 dollars per barrel, down 0.13 dollars (0.22%) from the previous close. WTI shifted to weakness a day after rebounding more than 2% the previous day.

◆ National Assembly continues two-day 'Coupang joint hearing'…Rogers to be indicted for perjury

The National Assembly continues the two-day 'Coupang incident joint hearing' today. With key witnesses, including founder Bom Kim, chairman of Coupang Inc., absent for the second day, the hearing is expected to feature questioning laced with criticism over Coupang's personal data leak, unfair trade and labor conditions, and measures to prevent recurrence. At the end of the hearing, a vote is expected to be held to indict Harold Rogers, interim CEO of Coupang, on charges of perjury.

◆ Seoul apartment transactions plunged 60% last month amid Oct. 15 measures' 'triple regulations'

Last month's home sales volume fell sharply compared with the previous month under the influence of the government's Oct. 15 real estate measures. In particular, housing transactions in Seoul, which are subject to the so-called 'triple regulations,' were cut in half. According to the Ministry of Land, Infrastructure and Transport, nationwide housing sales transactions in November (by report date) totaled 61,407 cases, down 11.9% from the previous month (69,718 cases). By region, transactions in the Seoul metropolitan area totaled 22,697 cases last month, down 30.1% from the previous month (39,644 cases). Seoul recorded 7,570 cases, down 51.3% from the previous month (15,531 cases). In particular, reported apartment transactions in Seoul totaled 4,395 cases last month, plunging 60.2%.

◆ President Lee's visit to China after about six years…Can relations be consolidated and a breakthrough on the Korean Peninsula found?

President Lee Jae-myung and Chinese President Xi Jinping will meet again in Beijing two months after Gyeongju. According to the Blue House, the president will make a state visit to China from the 4th to the 7th of next month and hold a summit with Chairman Xi in Beijing. If previous summits laid the groundwork for restoring Korea-China relations, this time the task will be to put that progress on a stable trajectory and secure momentum for the 'Korean Peninsula Peace Coexistence Process' the president is promoting. A South Korean presidential visit to China comes for the first time in about six years since former President Moon Jae-in in December 2019.

◆ Mostly clear on the last day of the year…daytime highs -5 to 5 degrees

On Wednesday the 31st, the last day of 2025, the country will be mostly clear, but the Jeolla region and Jeju Island will be cloudier. Cold air descending from the northwest will make morning temperatures mostly below -5 degrees (below -10 degrees mainly in inland Gyeonggi and inland/mountain areas of Gangwon). Daytime temperatures are forecast at -5 to 5 degrees. There may be snow on the Jeolla west coast until the morning, light snow in the southern Chungcheong region until morning, and trace snow under 0.1㎝ in Jeju mountains in the afternoon. The west coasts of North Jeolla and South Jeolla may see less than 1㎝ of snow or less than 1㎜ of rain.

Oh Jeong-min, Hankyung.com reporter blooming@hankyung.com