New York stocks end higher after rebound… temperatures rise from midday for milder weather [Morning Briefing]

◆ New York stocks end higher after rebound… Anthropic plays both arsonist and firefighter

Wall Street’s three major indexes managed to rebound intraday on the 24th local time and closed in positive territory. Anthropic, recently dubbed the tech industry’s “public enemy,” lifted sentiment for AI-related stocks by announcing partnerships with several tech companies, stoking hopes of coexistence with artificial intelligence (AI). On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed up 370.44 points (0.76%) at 49,174.50. The Standard & Poor’s (S&P) 500 rose 52.32 points (0.77%) to 6,890.07. The Nasdaq Composite jumped 236.41 points (1.04%) to end at 22,863.68.

◆ International oil prices fall… Iran says nuclear talks “within sight of a deal”

International oil prices declined. Iran said there had been clear progress in nuclear negotiations with the United States, diluting the Middle East risk premium embedded in oil prices. On the New York Mercantile Exchange, West Texas Intermediate (WTI) for April delivery settled down $0.68 (1.03%) at $65.63 a barrel. Iranian Foreign Minister Abbas Araghchi wrote on his X (formerly Twitter) account that a “deal is within sight” regarding the nuclear talks with the U.S. Araghchi said Iran and the U.S. will hold a third round of nuclear negotiations in Geneva, Switzerland, on the 26th, claiming, “We have a historic opportunity to conclude an unprecedented agreement that addresses mutual concerns and delivers mutual benefits.” While it is a unilateral claim by Iran, optimism over the talks encouraged expectations, and crude investors showed a bias toward selling.

◆ On the eve of a storm over the ruling camp’s judicial overhaul… chief judges nationwide meet today

As the Democratic Party of Korea signals it will push through, this week, the so-called three judicial reform bills—covering the crime of judicial distortion (Criminal Act), a constitutional complaint mechanism for court rulings (Constitutional Court Act), and an increase in the number of Supreme Court justices (Court Organization Act)—chief judges nationwide will convene to urgently discuss countermeasures. The Supreme Court will hold an extraordinary session of the National Conference of Chief Judges at 2 p.m. today in the main conference room of its Seocho-dong complex, chaired by Park Young-jae, Minister of Court Administration. The agenda is expected to include the three judicial reform bills that the Democratic Party has vowed to force through the plenary session. As this is an extraordinary meeting, it was convened on short notice by Park to deliberate response measures as the ruling bloc’s judicial reform legislation enters the final stretch.

◆ Third Commercial Act revision likely to pass in plenary under Democratic Party lead

The National Assembly is expected to pass in today’s plenary session the so-called “third revision to the Commercial Act,” which would in principle mandate the cancellation of treasury shares held by companies. The People Power Party opposed the bill and staged a filibuster (unlimited debate), but the Democratic Party of Korea is expected to end the filibuster around 4 p.m. today and pass the amendment by leveraging its parliamentary majority. The bill stipulates, in principle, that when a company repurchases its own shares, it must cancel them within one year.

◆ Expectations for home prices cool… sharper pullback among middle-aged and upper-middle-income groups

With expectations for rising home prices easing recently, the decline was found to be particularly pronounced among middle-aged and upper-middle-income groups. According to the Bank of Korea’s Consumer Survey, the housing price outlook index for people in their 50s fell 19 points in a month, from 119 in January to 100 in February. An index reading of 100 means expectations that home prices will rise in a year and expectations that they will fall are evenly balanced, making the outlook hard to call. By age group, this is the first time in 11 months since March last year (100) that the index for those in their 50s has dropped to 100. By income bracket, the upper-middle tier saw the steepest decline.

◆ Temperatures rise from midday; day-night swing around 15°C… watch for dense fog in places

On Wednesday the 25th, morning temperatures will hover around 0°C and feel somewhat chilly, but conditions are expected to turn milder as temperatures rise from midday. Daytime highs are forecast at 9–16°C, higher than seasonal norms (lows -6–3°C, highs 7–12°C). In parts of the central region, the Jeolla region, and inland North Gyeongsang, the day-night temperature gap is expected to exceed 15°C, while eastern Gyeonggi and inland Gangwon could see gaps of more than 20°C. The central region excluding Yeongdong in Gangwon will be mostly sunny, but Yeongdong in Gangwon, the southern region, and Jeju Island are expected to be mostly cloudy. In Busan, Ulsan, and the southern East Coast of North Gyeongsang, there may be raindrops of less than 0.1 mm until early morning on the 26th. Jeju is also expected to see around 5 mm of rain through the 26th.

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