Trump-Putin agree on 30-day 'partial ceasefire'... Samsung Electronics shareholders meeting today [Morning Briefing]

◆New York stock market falls again ahead of US interest rate decision

The New York stock market fell again overnight ahead of the Federal Reserve's benchmark interest rate decision. In the early hours of today, the Dow Jones 30 Industrial Average on the New York Stock Exchange dropped 0.62% from the previous trading day. The Standard & Poor's (S&P) 500 index and the Nasdaq index also fell 1.07% and 1.71% respectively. The market exercised caution in trading as the US Federal Reserve begins its Federal Open Market Committee (FOMC) schedule today and will announce the results of the meeting tomorrow. While there are dominant expectations that rates will be held steady at this meeting, the market anticipates that rate cuts will resume in June. By stock, Tesla continued its downward trend with a sharp 5.3% drop. Nvidia also fell 3.4%.

◆US-Russia agree to "30-day suspension of attacks on energy and infrastructure"

The White House announced that the United States and Russia have agreed to a partial ceasefire regarding the Ukraine war and will pursue a phased ceasefire. The White House revealed this early today when disclosing the results of a phone call between US President Donald Trump and Russian President Vladimir Putin. According to the White House, the two leaders first agreed to a ceasefire limited to the energy and infrastructure sectors of Russia and Ukraine. They then agreed to immediately begin "technical negotiations on implementing a ceasefire in the Black Sea and on a comprehensive ceasefire and permanent peace" in the Middle East.

◆"Tariff rates by country to be announced on April 2"

The Trump administration said it would release a list of tariffs by country on April 2, suggesting that countries that stop unfair trade practices could avoid reciprocal tariffs. Treasury Secretary Scott Bessent said in an early morning interview today, "On April 2, we will release a list of tariffs for other countries," adding, "This is what we think about (your) level of tariffs, non-tariff barriers, currency manipulation, unfair funding, and labor suppression, and if you stop these things, we won't put up tariff barriers." He said, "On April 2, we will assign a number to each country that we think corresponds to their tariffs," adding, "For some countries, that number could be quite low, and for others, it could be quite high."

◆Samsung Electronics shareholders meeting today

Samsung Electronics' regular shareholders meeting will be held today, officially kicking off the regular shareholders meeting season for domestic companies. At today's meeting, Samsung Electronics will present agenda items including the appointment of directors such as Device Solutions (DS) Division Head (Vice Chairman) Jun Hyun Choi, approval of financial statements, and approval of director compensation limits. Following last year's format, time for "dialogue with shareholders" is expected to be arranged after the deliberation and voting on agenda items. Samsung Electronics plans to hold a board meeting after the shareholders meeting to elect a new board chairman. Former Financial Services Commission Chairman Je-yoon Shin is reportedly the leading candidate for the new chairman position.

◆Cold temperatures below freezing nationwide this morning

Today, Wednesday, will be cold with morning temperatures falling below freezing in most parts of the country as cold air moves southward. Morning lows are forecast to range from -7 to 2 degrees Celsius, with daytime highs of 6-10 degrees. The Korea Meteorological Administration advised people to dress warmly as strong winds will make the perceived temperature even lower. Skies across the country will be occasionally cloudy before clearing from the morning. Snow or rain will fall in the Chungcheong region and mountainous areas of Jeju Island until dawn before stopping. Fine dust concentrations are expected to be at "good" to "moderate" levels in all regions.

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