Seoul Housing Prices Increasing by 100 Million Won Every Month [3-Minute Brief]

[3-Min Brief 3-Second Summary]
① Only 80,000 Jobs Added in May
② "Fed to Cut Rates Twice This Year"
③ 'Cheonwon Bread' Selling 2,000 Units Daily

MARKET INDEX

- S&P500 and Nasdaq indices hit all-time highs
- May CPI rise eases concerns, restoring investment sentiment
- May mortgage loans increase at largest rate in 7 months

Top3 NEWS

■ "Prices rose by 100 million KRW per month"... Unusual Seoul housing market

- Gangnam led by apartments along the Han River
- Minimal price increase in Gangbuk, but transaction volume up
- "Prices rising as sales inventory is depleted"

■ May employment barely increased by 80,000... Youth unemployment rate up 0.9%p

- Statistics Korea releases May employment trends
- Employment growth lowest in 3 years
- Youth unemployment rate at 6.7%

■ "Low risk of US recession... Fed expected to cut rates twice in September and December"

- David Wessel, Director of Hutchins Center
- "US more likely to achieve soft landing than recession"
- Interest rates need to stay steady until inflation falls

Graphic News: '1,000-won bread' selling 2,000 pieces daily

- More people seeking affordable meals amid worsening lunchflation
- Businesses selling bulk-purchased goods at low margins
- Dining out prices up 2.8%... Lunch prices rose over 600 KRW in a year

Money-Making Law

■ Japan speeds up stablecoin legislation aiming for international financial standards

- Rapid development of virtual asset-related laws in Japan
- Promise to redeem at issuance price
- Foreign stablecoins also subject to regulation
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024061216520168772

■ Court: Forced buyout of minority shareholders without court approval is illegal

- Court puts brakes on 'squeeze-out' practice for the first time
- "Buying minority shares at low prices is illegal"
- First recognition of compensation liability in lawsuit against majority shareholder
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024061216531871630

■ "Must learn in the AI era of broken dams" - Jo Woosung, CEO of MustKnow

- CEO Jo Woosung teaches AI applications in legal work
- AI can analyze causes and draft reports
- "It is wrong to vaguely consider AI as dangerous"
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024061216545777308

※ 'Money-Making Law,' a content partnership corner between Asia Economy and Law Times, is published every Tuesday and Thursday.

Terms in the News: 'Autonomous Public High School 2.0' as a solution to local extinction crisis

- Ministry of Education launches 'Autonomous Public High School 2.0' project contest
- Aims to expand resident population by improving educational environment
- Schools and curricula can be operated autonomously

Today's Key Schedule

○ Domestic

- 13th: KOSDAQ Mirae Asset Vision SPAC No.6 subscription, public offering price 2,000 KRW
- 13th: KOSDAQ Shinhan Global Active REITs subscription, public offering price 3,000 KRW

○ Overseas
- 03:00 US May federal budget balance
- 03:00 Federal Open Market Committee economic outlook
- 03:30 FOMC press conference
- 10:30 Australia May unemployment rate
- 21:30 US initial jobless claims
- 21:30 US May producer price index

◇ Lunch & Commute Weather

○ Low temperature 18℃(0℃) ｜High temperature: 31℃(▲1℃)
○ Precipitation probability morning 0%｜afternoon 0%
○ Fine dust morning moderate｜afternoon moderate

OK in 3 minutes, essential time-efficient economic news. Published daily at 8 AM.