The dollar-won (REGN) exchange rate closed at

1) USD-Won flat note, biggest ever foreign equity investment in October
The dollar-won (REGN) exchange rate closed at 1,431 won, up about 1 won from the previous day. According to data from the Korea Securities Depository, domestic individual investors’ net purchase of overseas stocks amounted to $6.81 billion in October, the largest since 2011 statistics were compiled. This is $2.6 billion more than $4.21 billion in foreign capital entering the local stock market during the period, compiled by Bloomberg. This explains why the won’s weakness has not subsided even if the unsettling Korea-U.S. trade negotiations have been resolved

2) Cook, ‘Labour Market Risk’ vs. Goolsbee, ‘Inflation More Concerns’
Fed Director Lisa Cook said the risk of further weakening the labor market outweighs the risk of inflation rising, but did not give a clear stance on further rate cuts next month. “All meetings, including the December meeting, will be ‘live’ to make decisions based on circumstances,” Cook said. “I’m more worried about the inflation side as inflation has been exceeding the target for the past four and a half years, and the recent trend is heading in an undesirable direction,” explained Chicago Fed Governor Austin Goolsbee

3) Recommendation to Buy U.S. Bonds Low
Bank of America (BofA), Barclays, and TD Securities recommend low-priced purchases of U.S. bonds triggered by the Fed’s hawkish rate cuts. BofA and TD Securities advised to take a buy position in preparation for the possibility of a drop in U.S. bond rates in 2026, despite uncertain prospects for employment and inflation in the short term due to government shutdowns. BMO Capital Markets said the possibility of a 25 basis point cut in December is still valid, and Powell’s deliberate lowering of market expectations is because he needs confidence that the rate cut is a prudent decision

4) Wall Street’s chief optimist is also concerned
Even Ed Yardeni, a leading Wall Street optimist, is concerned about excessive market optimism, saying, “There are too many bullies right now.” He warns of the possibility of the S&P 500 falling by up to 5% by the end of the year, citing overheated market sentiment and technical indicators. “With a narrow market, just one unexpected event can easily shake the stock price,” Yardeni pointed out. The reason why Yardeni’s remarks are drawing attention is that he was one of the strongest bullies on Wall Street since the stock market’s low point in April

5) 英 To Review Departure Tax And Luxury House Taxes For The Rich
The list of taxes being considered by British Treasury Secretary Rachel Reeves ahead of the announcement of the budget includes departure taxes imposed on wealthy Britons when they leave the country and tax increases on high-priced homes. The Treasury has come up with dozens of tax increases to cover the deficit of up to £35 billion. Sources explain that many of the tax increases under consideration target high-income earners. Time magazine reported that Secretary Reeves is actively seeking to impose a 20% tax on the wealthy fleeing to tax havens
(자료: Bloomberg News)