[Morning Briefing] Mixed New York Stock Exchange and Soaring Oil Prices…Trump Says 'Other Countries Want Tariff Negotiations More'

◆ New York Stock Exchange, Mixed Trend…Trump's Pressure to Dismiss Powell, 'Indifferent'

The three major indices of the New York Stock Exchange showed a mixed trend on the 17th local time. With relatively light trading ahead of the 'Good Friday' holiday, there was no clear material to move the market. U.S. President Donald Trump mentioned pressure to dismiss Jerome Powell, chairman of the U.S. Federal Reserve (Fed), but the market did not react sensitively. On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 39,142.23, down 527.16 points (1.33%) from the previous session. The Standard & Poor's (S&P) 500 index rose 7.00 points (0.13%) to 5,282.70, and the Nasdaq Composite Index closed at 16,286.45, down 20.71 points (0.13%). Due to the impact of NVIDIA's low-performance artificial intelligence (AI) semiconductor chip H20, which is subject to export restrictions to China, and the sharp decline of insurance company UnitedHealth, the Dow Jones fell more than 1%.

◆ International Oil Prices Soar 3%…U.S. Sanctions on China to Pressure Iran

International oil prices soared more than 3%. The prospect of a shortage of oil supply gained momentum as the U.S. included Chinese refiners in the sanctions list to pressure Iran. On the New York Mercantile Exchange, the price of West Texas Intermediate (WTI) crude for May delivery, the nearest month, closed at $64.68 a barrel, up $2.21 (3.54%) from the previous session. The global benchmark Brent crude for June delivery rose $2.11 (3.20%) to $67.96 a barrel. The U.S. Treasury Department added Shandong Xinhua Chemical, a small private Chinese refiner, to the sanctions list the previous day. This is due to suspicions that it purchased Iranian crude oil worth about $1 billion from ghost companies created by the Iranian Revolutionary Guard. Chinese state-owned refiners have stopped importing Iranian crude oil for fear of U.S. sanctions. The U.S. intends to pressure Iran by including not only large refiners but also small private refiners in the sanctions list.

◆ Trump Says 'Other Countries Want Tariff Negotiations More'

U.S. President Donald Trump said regarding mutual tariff negotiations with other countries, including South Korea, "If they don't want to negotiate, we will negotiate for them." President Trump made this statement in response to a question from the press about trade negotiations during a summit with Italian Prime Minister Giorgia Meloni at the White House on the 17th local time. He said, "Negotiations with all countries are going well," adding, "Many countries want to negotiate with us. Frankly, they want to negotiate more than I do," and "We will listen to them and treat them fairly." He emphasized, "However, it is us who decide the deal," and "That's what we will do." Before this, President Trump answered a question about whether he would call Chinese President Xi Jinping during a luncheon with Prime Minister Meloni, saying, "I think we will make a very good agreement with China."

◆ Trump to Powell, Who Pointed Out 'Tariff Impact', "He Will Resign If I Want"

U.S. President Donald Trump also publicly mentioned the resignation of Jerome Powell, chairman of the U.S. Federal Reserve (Fed), while urging him to cut interest rates. When asked by reporters about this, President Trump said, "If I ask him (Chairman Powell) to resign, he will step down." President Trump said, "I don't get along with him. I'm letting him know that," and added, "If I want his resignation, he will step down very quickly." He also mentioned that he thinks Chairman Powell will lower the interest rate at some point. Additionally, President Trump said about the mineral agreement with Ukraine, "I think they (Ukraine) will keep the agreement," and "It will be signed next Thursday (24th)." However, U.S. Treasury Secretary Scott Besant mentioned a different date, saying, "We are currently working on the details of the mineral agreement and aim to complete it by the 26th."

◆ Democratic Party Holds First TV Debate for Presidential Primary…Lee Jae-myung Holds Webtoon Industry Meeting in Daegu

The Democratic Party will hold the first TV debate for the presidential primary candidates today. In this debate, candidates Lee Jae-myung, Kim Kyung-soo, and Kim Du-kwan will present their pledges and visions across politics, economy, diplomacy, security, and society for about 80 minutes, engaging in policy competition. Before the debate, candidate Lee Jae-myung will visit Daegu to hold a meeting with content industry workers, including Naver Webtoon, Kakao Entertainment, and Netflix. Candidate Lee plans to discuss his vision of creating a 'K-content' and 'soft power powerhouse', as well as discuss plans to build a virtuous infrastructure and strengthen self-sustainability. Candidates Kim Kyung-soo and Kim Dong-yeon plan to focus on preparing for the TV debate with non-public schedules.

◆ People Power Party Holds Vision Conference for Presidential Primary Candidates…Candidates Announce Pledges

The People Power Party will hold a 'Vision Conference' for presidential primary candidates at the ASSA Art Hall in Gangseo-gu today. Eight candidates for the presidential primary, including Kim Moon-soo, Na Kyung-won, Ahn Cheol-soo, Yang Hyang-ja, Yoo Jeong-bok, Lee Cheol-woo, Han Dong-hoon, and Hong Joon-pyo (in alphabetical order), will present their views on 'Korea's Leap and Future Vision' for 10 minutes, including a 30-second promotional video. Candidate Hong will announce policies in the social, education, and culture fields, and candidate Kim will hold a press conference on economic pledges under the theme of 'Making Korea a Good Place to Do Business'. Candidate Han will hold a press conference with the People's Power Party's co-chairman of the campaign, Rep. Cho Kyung-tae, and former Auditor General Choi Jae-hyung, and candidate Na will also hold a press conference to announce education pledges.

◆ ECB Cuts Interest Rates for Sixth Consecutive Time Amid Trade War Concerns

The European Central Bank (ECB) cut its benchmark interest rate (policy rate) by 0.25 percentage points on the 17th local time. The ECB held a monetary policy meeting in Frankfurt, Germany, and announced that it lowered the deposit rate from 2.50% to 2.25% per annum and the benchmark interest rate from 2.65% to 2.40% per annum. The marginal lending rate was also lowered from 2.90% to 2.65% per annum. The ECB has cut its policy rate six consecutive times since it changed its monetary policy direction in June last year.

◆ Mostly Cloudy Nationwide with Large Temperature Differences…Daytime Highs of 18-29 Degrees

On Friday the 18th, it is expected to be mostly cloudy nationwide. There may be places where less than 0.1mm of raindrops fall in the morning in the coastal areas of Gyeongnam and the eastern inland of Gyeongnam, and Jeju. The daytime high temperature is forecast to be 18-29 degrees. The inland areas of Chungcheong and Gyeongsang are expected to be hot with daytime temperatures rising above 25 degrees. The temperature difference between day and night is expected to be around 15 degrees, especially in the inland areas of Gyeongsang. The fine dust concentration is expected to be 'moderate' in all areas. However, Seoul, Incheon, northern Gyeonggi, and southern Gyeonggi are expected to be 'bad' from the afternoon, and Chungcheong, Gwangju, and Jeonbuk are expected to be 'bad' from the night.

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