The U.S. stock market is really strong. As I keep saying, the U.S. stock market should be actively invested in 2024.

The position that continues to sell intensively in response to the increase in proportion during adjustment is now very suitable

The adjustment period is shorter than expected and the increase is larger than expected. Also, the Korean stock market is positive. As I keep saying, U.S. stocks have never betrayed in 2024

This means that Fed Chairman Powell is so good at keeping regularity

To be honest, the trend of the Korean stock market yesterday was that only Samsung Electronics rose, and SK Hynix’s sharp decline was an incomprehensible move.

It has soared by more than 13% outside of time since the announcement of Micron’s earnings. It is very important to actively invest in technology innovation and growth industries once the figures are confirmed. Also, the most important thing is to invest in large stocks. For example, it is important to focus on NVDA for AI semiconductors, TSMC for foundry, Samsung Electronics for DRAM, and SK Hynix for HBM, and invest up to the next 2nd place (AMD, No. 2 Samsung Electronics, No. 2 DRAM, SK Hynix, No. 2 Samsung Electronics/micron). I sincerely hope you always make a “successful investment.”

Global Financial Market Trends 03/20

3/20 Global Financial Market Trends
Kim Seok-hwan, Digital Research Team, Mirae Asset Securities

◆ the U.S. stock market

• – DOW: 39,110.76p (+320.33p, +0.83%)
• – S&P500: 5,178.51p (+29.09p, +0.56%)
• – NASDAQ: 16,166.79p (+63.34p, +0.39%)
• Russell 2000: 2,035.71p (+10.97p, +0.54%)

◆ Related to Korea

• MSCI Korea Index ETF: $65.28 (-0.48, -0.73%)
• MSCI Emerging Index ETF: $40.64 (-0.20, -0.49%)
• – Eurex kospi 200: 360.70p (+1.75p, +0.49%)
• NDF exchange rate (one month): KRW 1,335.30 / expected to start down KRW 6 from the previous day
• Philadelphia Semiconductors: 4,712.81 (-44.80, -0.94%)

◆ the foreign exchange market

• Dollar Index: 103.818 (+0.239, +0.23%)
• Euro/dollar: 1.0866 (0.0000, 0.00%)
• Dollar/yen: 150.85 (-0.01, +0.01%)
• Pound/dollar: 1.2722 (0.0000, 0.00%)

◆ the U.S. government bond market

• 2-year: 4.6831% (-4.9 bp)
• 5-year: 4.2973% (-4.4bp)
• 10-year: 4.2925% (-3.2 bp)
• 30-year: 4.4415% (-0.7bp)
• 10Y-2Y: -39.06 bp (1.71 bp reverse reduction)
  (Gift for government bonds)
• – 2YR T-Notes: 10205 3/4 (+002 1/2, +0.08%)
• – 5YR T-Notes: 10620 3/4 (+007 1/4, +0.21%)
• – 10YR T-Notes: 11004 1/2 (+010 1/2, +0.3%)
• – US T-Bonds: 11823 (+017 , +0.45%)
• – Ultra US T-Bonds: 12621 (+019 , +0.47%)

◆ Commodity Market ($, sweet grain, copper cent)

• – WTI: 83.47 (+0.75, +0.91%)
• Brent crude: 87.38 (+0.28, +0.32%)
• Gold: 2,181.20 (-4.70, 0.22%)
• Silver: 25.14 (-0.13, -0.51%)
• Zinc (LME, 3M): 2,505.50 (-26.50, -1.05%)
• Copper: 407.45 (-5.55, -1.34%)
• Corn: 439.50 (+3.50, +0.80%)
• Wheat: 552.50 (+9.75, +1.80%)
• Soybean: 1,185.50 (-2.25, -0.19%)
• This is a summary of the data listed on Mirae Asset Securities’ website on March 20, 2024.

U.S. Stock Exchange #Korean Stock Exchange Outlook

3/20 S&P 500 hits new high as Nvidia shares rally
Kim Seok-hwan, Digital Research Team, Mirae Asset Securities

# Key Takeaways

• S&P 500 Index Sets New Record Price Based On Closing Price (5,178.52p)
• The Bank of Japan (BOJ) to raise interest rates for the first time in 17 years… Japan’s yen weakens
• International oil prices hit 20-week high

Change factor

U.S. stocks closed higher in sympathy with the reversal of Nvidia shares. In early trading, it fell more than 3% due to the impact of profit-taking sales on Nvidia, but it closed after a reversal of gains due to continued low-priced purchases and expectations for new products. As a result, the stock market also showed signs of synchronization, showing signs of an upturn. In particular, the S&P 500 index renewed its historical high. The Japanese yen weakened against the dollar even though the BOK raised its policy rate for the first time in 17 years. Meanwhile, market participants on the first day of the FOMC fell to 60% from 70% last week on the possibility of the first rate cut in June. They are preparing for longer Fed’s prolonged high interest rate (Dau +0.8%, Nasdaq +0.4%, S&P 500 +0.6% and Russell 2000 +0.4%)

a feature item

Nvidia (+1.1%) said the previous day that CEO Jensen Huang unveiled the new Blackwell B200, which improves performance by up to 30 times, in his GTC 2024 keynote speech, and today’s CFO mentioned that some supply bottlenecks could occur with the new product scheduled to be released in earnest at the end of this year. As a result, it fell more than 3% due to disappointment in early trading, but reversed its gains to close. In addition, shares of three software companies, Cadence Design System (+3.6%), Synopsis (+4.3%), and ANSIS (+2.1%), which CEO Jensen Huang mentioned in his keynote speech, are also strong. On the other hand, shares of AMD (-4.8%) and Intel (-1.5%), which are competing in artificial intelligence chips, are weak. As a result, the Philadelphia Semiconductor Index fell 0.9%, the lowest level of the month. Super microcomputer (-9.0%) was weak on the news of the issuance of new shares worth about $2 billion. Related stocks such as Coinbase (-4.0%) and MicroStrategy (-5.7%) are weak due to falling cryptocurrency prices such as Bitcoin. On the other hand, International Paper (+11%) rose sharply on the news of the appointment of a new CEO, while Nordstrom (+9.4%) is strong on the news that it is seeking to transition to an unlisted company. In addition, Unilever (+2.8%) rose on plans to spin off its ice cream division, which includes Ben & Jerry’s and Magnum. Tencent Music (+6.4%) rose on news of a more than 20% annual increase in paid users.

Bond, foreign exchange and commodity trends

Brent has risen for five consecutive trading days, the highest since late October last year. Ukraine has intensified its attacks on Russian oil infrastructure this year, launching drone attacks on at least seven oil refineries this month alone. This is expected to reduce supply of about 7% of Russia’s refinery capacity, or about 370,000 barrels per day. There is also a possibility that the ripple effect of rising oil prices will be added by putting pressure on rising refining margins. In addition, production cuts by OPEC+ oil-producing countries and increased demand from China and the United States continue to increase pressure on oil prices. In particular, as sentiment in the U.S. housing market improves, increased housing construction and construction permits also stimulate oil prices to rise. The Japanese yen weakened against the dollar and the dollar/yen rate stood at 150.86, as the BOK hinted that it could still continue its easing stance despite normalizing its benchmark interest rate for the first time in 17 years. This is the highest since mid-November last year.

Korea Stock Exchange Outlook

MSCI Korea Index ETFs fell 0.7% and MSCI Emerging Index ETFs fell 0.5%. One-month NDF dollar/won exchange rate is expected to start flat at 1,334 won. Eurex KOSPI200 futures rose 0.5%. KOSPI is expected to start 0.2-0.4%. Widespread profit-taking, mainly foreigners, is expected to be limited today. In this regard, backlash buying may flow in today, but it is expected to fluctuate in that it is ahead of the FOMC meeting results. NVIDIA CEO Jensen Huang’s remarks that he is paying attention to the results of Samsung Electronics’ HBM test are noteworthy.