U.S. stocks rise despite oil rebound… Trump: “No need for South Korea, Japan or NATO” [Morning Briefing]

◆Wall Street edges higher despite oil’s rebound

The three major U.S. stock indexes extended gains, posting modest rises even as international oil prices rebounded. In early trading today at the New York Stock Exchange, the Dow rose 0.1% from the previous session and the S&P 500 added 0.25%. The Nasdaq also advanced 0.47%. The move is seen as reflecting eased inflation concerns on news that some oil tankers are transiting the Strait of Hormuz. While crude did turn higher, it was down versus last weekend’s levels on trend. On the New York Mercantile Exchange, April-delivery West Texas Intermediate (WTI) crude settled up 2.9% at $96.21 a barrel.

◆Trump: “No need for South Korea, Japan or NATO support”

U.S. President Donald Trump argued that support from allies including South Korea, Japan, Australia and NATO (North Atlantic Treaty Organization) is no longer necessary in connection with military operations against Iran and control of the Strait of Hormuz. In a post early today on Truth Social, President Trump said, “The United States has been notified by most NATO allies that they do not want to be involved in our military operations against the terrorist regime of Iran,” adding, “We will protect them, but they will do nothing for us—especially when we need it.” He also said, “Because we have achieved this military success, we no longer need or want support from NATO member countries,” adding, “The same goes for Japan, Australia, and South Korea.”

◆President Lee to host ‘capital market meeting’ today

President Lee Jae-myung will meet domestic investors today to discuss measures to stabilize the capital market and improve its fundamentals. President Lee will personally chair a “meeting for capital-market stability and normalization” at Cheong Wa Dae this afternoon. Financial Services Commission Chairman Lee Eok-won, Financial Supervisory Service Governor Lee Chan-jin, and representatives from KOSDAQ and KONEX-listed companies and institutional investors are expected to attend. President Lee plans to discuss ways to respond to financial-market volatility stemming from recent Middle East developments and receive a briefing on four key reform measures to strengthen the capital market’s structure. The reform package is set to include measures to restore trust by establishing market order, measures to respect and expand shareholders’ rights, capital-market innovation measures, and measures to improve public accessibility.

◆‘Stock held by 4.2 million retail investors’ Samsung Electronics to hold AGM today

Samsung Electronics—often dubbed a “national stock,” with as many as 4.2 million shareholders—will hold its annual general meeting this morning at the Suwon Convention Center in Suwon, Gyeonggi Province. Items to be put on the agenda include the appointment of Kim Yong-gwan, head of management strategy at the Device Solutions (DS) division that oversees semiconductors, as a director; the appointment of Seoul National University professor Heo Eun-nyeong as an audit committee member; approval of financial statements; and approval of the cap on directors’ remuneration. The meeting will also cover shareholder return policies, including a special dividend of 1.3 trillion won and the cancellation of 16 trillion won worth of treasury shares in the first half, as well as proposed amendments to the articles of incorporation ahead of commercial-law revisions aimed at strengthening minority shareholder rights. Vice Chairman Jun Young-hyun and Roh Tae-moon, head of the DX division in charge of mobile and home appliances, are expected to answer shareholders’ questions on business performance and strategy by division.

◆Overcast and rainy nationwide… Jeju up to 60mm

Today, Wednesday, will be cloudy with rain across the country. Rain is expected to spread to most regions nationwide from the morning, letting up in most areas by late afternoon, though it will continue into the night along coastal parts of South Gyeongsang Province and on Jeju Island. Forecast precipitation is Jeju 10–40mm (up to 60mm or more in some areas), Busan and the South Gyeongsang southern coast 10–30mm, Gwangju and northern South Jeolla, North Jeolla, Ulsan and inland South Gyeongsang 5–20mm, the Seoul metropolitan area, Gangwon Province, the Chungcheong region, and Daegu and North Gyeongsang 5–10mm, and Ulleungdo and Dokdo less than 5mm. In the mountainous areas of Gangwon at elevations of 1,000 m or higher, 1–5cm of snow is expected to accumulate. The daytime high is forecast at 8–14°C. Fine dust levels will be “Bad” in the Seoul metropolitan area, Sejong, North Chungcheong, South Chungcheong, Gwangju, and North Jeolla, and “Moderate” elsewhere. An emergency fine-particulate reduction measure is in effect in the Seoul metropolitan area and South Chungcheong.

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