Trump·Xi meeting, New York stocks 'bullish'…daytime temperature rises to 20°C [Morning Briefing]

◆ Could U.S.-China tensions ease…New York stock market 'bullish' on optimism

After the White House confirmed that U.S. President Donald Trump will meet Chinese President Xi Jinping next week, expectations for improved relations were reflected and the three major New York stock indices closed higher.

On the 23rd local time in the U.S. Eastern Time at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 46,734.61, up 144.20 points (0.31%) from the previous session. The Standard & Poor's (S&P) 500 index rose 39.04 points (0.58%) to 6,738.44, and the Nasdaq Composite Index ended the session at 22,941.80, up 201.40 points (0.89%).

At a press conference that day, the White House announced that Trump will depart on the night of the 24th, travel to Malaysia, and then visit Japan and South Korea next week. It stated that on the 28th he will hold a consecutive summit with new Japanese Prime Minister Sanae Takaichi, on the 29th with President Lee Jae-myung, and on the 30th with President Xi Jinping.

When the White House confirmed the meeting between Trump and Xi, uncertainty eased and the stock indices gained further momentum, with the S&P 500 rising by about 10 more points. Considering Trump's volatility and the fact that about ten days remain until the U.S.-China summit, it is unclear what unexpected variables may occur, but the market was said to have reacted optimistically to the White House announcement that day.

◆ Former President Yoon Suk-yeol and Mrs. Kim Keon-hee to attend criminal trials side by side today

Former President Yoon Suk-yeol and Mrs. Kim Keon-hee will appear at the Seoul Central District Court. The Seoul Central District Court's Criminal Panel 25 (Presiding Judge Ji Gwi-yeon) will open a continuation hearing this morning on charges including Yoon's role as leader of an insurrection and charges of abusing authority and obstructing the exercise of rights.

Mr. Yoon has failed to appear at the trial for 15 consecutive sessions, so a trial in absentia is expected to proceed again without the defendant.

The court again allowed live coverage until the witness examination. At the same court, Criminal Panel 27 (Presiding Judge Woo In-seong) will conduct a continuation hearing in Mrs. Kim's case on charges including violations of the Capital Markets Act.

Former lawmaker Kim Young-sun is expected to appear as a witness and give testimony regarding Mrs. Kim's alleged election intervention.

Also today at the Seoul Central District Court, the second trial of Lee Sang-min, the former Minister of the Interior and Safety who was detained and indicted on charges of participating in key duties related to an insurrection, will be held.

There will also be a continuation hearing for Lee Jong-ho, former CEO of Black Pearl Invest and an associate of Mrs. Kim, and the second pretrial hearing for Kim Ye-seong, known as Mrs. Kim's housekeeper.

◆ Kim Yong-beom returning from U.S.: "Korea and the U.S. still have opposing positions…we will try until the end"

Kim Yong-beom, director of policy at the Presidential Office, said at Incheon Airport upon his return today, "There were some advances, but the situation persists in which the positions of South Korea and the United States remain sharply opposed on the core issues."

Mr. Kim visited Washington, D.C. with Minister of Trade, Industry and Energy Kim Jeong-gwan to follow up discussions on Korea-U.S. tariff negotiations and has returned.

He indicated it would be difficult, saying, "(Before APEC opens) there is no time for additional face-to-face negotiations. APEC is right around the corner and time is running out, so if one expects a settlement at APEC, there is still a long way to go." He nevertheless emphasized, "Negotiations can make sudden progress at the last minute, so we will make every effort until the end."

While avoiding specifics on the issues, Mr. Kim said, "Differences have narrowed in many areas. In the end, it is a situation of continuous confrontation over the one or two most important issues," adding, "This is also a typical pattern of negotiations." He went on, "We will do our best until the end."

◆ Parliamentary audits at 13 standing committees…battles expected over Korea-U.S. tariff talks, etc.

The National Assembly will conduct parliamentary audits today at 13 standing committees. These are: Legislation and Judiciary; Political Affairs; Strategy and Finance; Education; Science, ICT, Broadcasting and Communications; Foreign Affairs and Unification; National Defense; Public Administration and Security; Culture, Sports and Tourism; Agriculture, Food, Rural Affairs and Oceans and Fisheries; Industry, Trade, Energy and SMEs and Startups; Health and Welfare; Climate, Energy, Environment and Labor.

Of these, aside from three committees—Legislation and Judiciary, Agriculture, Food, Rural Affairs and Oceans and Fisheries, and Industry—the audits of the other 10 committees will be conducted on-site at the institutions being inspected.

The National Defense Committee will visit Gyeryong Army Headquarters in Daejeon, the Welfare Committee will go to the National Pension Service in Jeonju, and the Science and ICT Committee will visit the Electronics and Telecommunications Research Institute in Daejeon, among others. The biggest battleground is also expected to be the Judiciary Committee's audit of the Ministry of Government Legislation and the Corruption Investigation Office for High-ranking Officials.

The ruling and opposition parties are expected to clash as they launch questioning attacks against Oh Dong-hoon, head of the Corruption Investigation Office, over allegations that he delayed investigation into a prosecutor suspected of perjury before the National Assembly in connection with the death of a Marine.

In the Industry committee, there are expected to be disputes over the Korea-U.S. tariff negotiations and issues such as intellectual property agreements between Korea Hydro & Nuclear Power, Korea Electric Power Corporation and U.S. company Westinghouse.

◆ Chilly morning, daytime high around 20°C

A distinctly autumnal weather will continue today. However, rain is expected in Gangwon Yeongdong, the eastern coast of North Gyeongsang, Busan and Ulsan. According to the Korea Meteorological Administration, this morning's low is forecast at 8~15°C and daytime highs at 14~23°C.

This is similar to or slightly higher than average. In particular, Seoul is expected to have a low of 10°C and a high of 20°C. The temperature difference between morning and afternoon is large, so be mindful of your health.

Expected rainfall from today: Gangwon Yeongdong 20–80㎜ (up to over 100㎜ in the northern part), northern coastal Gyeongbuk and northeastern mountains 5–20㎜, Busan and Ulsan about 5㎜, and Ulleungdo and Dokdo 10–50㎜.

Because of frequent recent rain, the east coast areas have weakened ground, increasing the risk of landslides and soil runoff, so caution is advised. Fine dust levels are expected to remain at 'Good' nationwide.

Kim So-yeon, Hankyung.com reporter sue123@hankyung.com