Rally in New York Stock Market on Israel-Iran Ceasefire... International Oil Prices Plummet [Morning Briefing]

◆ New York Stock Market 'Rallies' on Israel-Iran Ceasefire... Near Record High

The three major indices of the New York Stock Exchange showed a strong upward trend on the 24th local time, as tensions in the Middle East eased following the ceasefire between Israel and Iran. At the New York Stock Exchange (NYSE), the Dow Jones Industrial Average (DJIA) closed at 43,089.02, up 507.24 points (1.19%) from the previous session. The S&P 500 index increased by 67.01 points (1.11%), finishing at 6,092.18, while the tech-heavy NASDAQ Composite Index shot up by 281.56 points (1.43%) to close at 19,912.53. Both the S&P 500 and NASDAQ are now close to surpassing their previous record highs set in February and last December, respectively.

◆ International Oil Prices Plunge for the Second Day Amid Middle East Ceasefire

International oil prices fell sharply for the second consecutive day following the news of a ceasefire between Israel and Iran. On the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) August delivery closed at $64.37 per barrel, down $4.14 (6.0%) from the previous session. On the London ICE Futures Exchange, Brent Crude August futures closed at $67.14 per barrel, declining $4.34 (6.1%) from the prior session. Brent Crude extended its sharp drop, adding to a 7.2% decline the previous day with another drop of over 6% today. Both oil benchmarks have now returned to levels seen before Israel began attacking Iran's major military and nuclear facilities on the 13th.

◆ Trump Strives to Uphold 'Precarious Ceasefire'

Donald Trump, President of the United States, is making efforts to uphold the 'precarious ceasefire' between Israel and Iran. Previously, on the 23rd, President Trump proactively announced via the social networking platform Truth Social that a ceasefire agreement had been reached between Israel and Iran, and on the 24th, he sent a series of follow-up messages through the platform. Later, while leaving The White House to attend the North Atlantic Treaty Organization (NATO) summit, he expressed his dissatisfaction to reporters that both Israel and Iran had violated the ceasefire but stressed that the truce was still in place. In an in-flight press conference en route to Europe for the NATO summit, asked if he wanted regime change in Iran, he replied that he did not, saying, 'I want everything to calm down as quickly as possible.'

◆ Second Day of Kim Min-seok’s Confirmation Hearing—Disputes Over Committee Report Expected

The National Assembly Special Committee on Personnel Hearings will hold a confirmation hearing today for Kim Min-seok, the nominee for Prime Minister, to continue examining his qualifications and integrity for a second day. During the previous day's hearing, the ruling and opposition parties fiercely debated allegations regarding Kim’s asset formation, his Master’s degree from Tsinghua University in China, and controversies over preferential treatment for his children. As today’s hearing wraps up, the Democratic Party of Korea and the People Power Party are expected to clash again over whether to adopt the committee’s review report and determine the nominee’s eligibility. The People Power Party has already labeled Kim as unsuitable for public office and is expected not to consent to the adoption of the report, having called for his voluntary resignation or withdrawal of the nomination by President Lee Jae-myung.

◆ Additional Detention Hearing for Kim Yong-hyun Today—Recusal Request Also Reviewed

A detention warrant hearing to determine whether former Minister of National Defense Kim Yong-hyun will be additionally detained is scheduled for today. The Seoul Central District Court, Criminal Division 34, presided over by Judge Han Sung-jin, will hold the hearing at 10 a.m. The originally scheduled hearing on the 23rd was postponed after Kim’s legal team filed a recusal request for the entire bench. Previously, Special Prosecutor Jo Eun-seok, who is investigating the December 12–3 martial law case and related charges of insurrection and treason, filed additional indictments for obstruction of official business and evidence destruction and requested the issuance of an additional arrest warrant. The court will also review whether the request for recusal will be denied.

◆ South Korean Market Misses MSCI Developed Market Watch List Again

South Korea’s attempt to be included in Morgan Stanley Capital International (MSCI)’s Developed Market (DM) index watch list has failed again. MSCI, the world’s largest index provider, announced the results of its ‘2025 Annual Market Classification Review’ on its website, classifying Korea as an Emerging Market (EM) as before. The failure was attributed to Korea’s continued ban on offshore FX markets. To be included in the MSCI DM index, a country must remain on the watch list for at least one year. MSCI stated, 'We will continue to monitor the implementation of measures to improve accessibility to the Korean equity market and the adoption status in the market,' and added, 'We will assess whether these measures have replicated the performance of fully operating offshore FX markets seen in developed markets.'

◆ Overcast with Rain Nationwide... Highs of 23–28°C

On Wednesday, the 25th, nationwide overcast skies with rain are forecast. Rain is mainly expected to stop in the afternoon in the inland areas of North Jeolla and South Gyeongsang, and in most other regions by night. However, in Northeast Gyeonggi and North Gyeongsang, rain is expected to continue until early morning on the 26th, and until morning in Gangwon and North Chungcheong. Daytime highs will range from 23 to 28°C. Fine dust concentrations are expected to remain 'good' across all regions due to favorable air dispersion and rainfall.

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