Hyundai Motor Captivates 1.4 Billion... India's Stock Market 'Biggest Player' [3-Minute Brief]

[At a Glance]
① Powell: "Need Confidence in Inflation Slowdown"
② No Industry Distinction for Next Year's Minimum Wage
③ 국민연금 Reduces Overseas Stock Delegation Ratio

MARKET INDEX

- US New York Stock Exchange's three major indices closed mixed
- Continuing jobless claims hit a 31-month high
- 73% chance of Federal Reserve rate cut in September

TOP 3 NEWS

■ "Hyundai Motor India IPO to raise up to 4.8 trillion KRW… Largest in Indian stock market history"

- Plans to raise up to 3.5 billion USD
- Largest IPO ever on the Indian stock market
- Hyundai Motor India to be listed in September-October

■ Despite growing concerns over US labor market, Powell says "Need more confidence in inflation slowdown"

- Powell assesses "Entering disinflation"
- Rate cuts require "greater confidence"
- Some voices express concerns over rising unemployment rate

■ Next year's minimum wage set without industry distinctions… Employers strongly criticize

- Employer representatives raise strong criticism
- Business sector demands application of industry-specific distinctions
- Protect industries with weak acceptance of minimum wage

Graphic News: National Pension Service reduces outsourced overseas stock management ratio… First cut in 7 years

- National Pension Service lowers target range for outsourced overseas stock management by 10 percentage points
- Outsourced management paying fees underperforms compared to direct management
- Direct management also applies active management… Strategy focused on profitability

Money-Making Law

■ 5.4 billion KRW to defend one patent… Essential to secure experts familiar with local conditions

- NPE lawsuits continue in US Texas District Court… Over 780 cases filed since 1997
- Defense cost for one patent lawsuit is 5.4 billion KRW… "Immediate blocking of lawsuits is difficult"
- Korean industry needs to raise overall patent quality and secure experts experienced in US litigation
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024070315110784182

■ Competition to recruit heavyweight figures like prosecutors and military generals at HD Hyundai Heavy Industries and Hanwha Ocean

- Fierce battle over winning the Korean next-generation destroyer project worth 7.8 trillion KRW
- HD Hyundai Heavy Industries and Hanwha Ocean compete to recruit talent… Including former national security chiefs and prosecutors
- Competition also includes generals… Such as former Navy Education Command Commander Jung Seung-gyun and retired Army Lieutenant General Kim Jong-bae
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024070315124297522

■ Virtual asset law enforcement keeps law firms busy

- Law focusing on protecting virtual asset users and prohibiting unfair trading practices takes effect from the 19th
- Top 10 law firms establish dedicated teams or strengthen existing ones to capture virtual asset market share
- "Rapid changes in digital finance… Legal advisory demand expected to expand, leading to more specialized and segmented centers"
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024070315140108712

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

Term in the News: US sales decline response is 'Upflation'

- Upflation means 'increase in inflation'… Refers to rising inflation rate and growing economic burden
- US companies adopt strategy of adding new uses to existing products and raising prices amid sales decline
- Bloomberg says, "'Upflation' is a US-specific phenomenon… A somewhat awkward attempt to recover sales"

Today's Key Schedule

○ Domestic
- 4th: KOSDAQ Excel Therapeutics subscription, public offering price 10,000 KRW

○ Overseas
- 01:00 US Federal Reserve Atlanta Q2 GDPNow
- 03:00 US Federal Open Market Committee minutes
- 10:30 Australia trade balance
- 15:00 Germany May factory orders
- 16:30 Eurozone June IHS S&P Global Construction PMI
- 17:30 UK June Construction PMI
- 19:00 UK general election
- 20:30 European Central Bank (ECB) monetary policy meeting report release

◇ Lunch & Commute Weather

○ Lowest temperature 23℃(0℃) ｜ Highest temperature: 30℃(▲3℃)
○ Precipitation probability morning 40%｜afternoon 90%
○ Fine dust morning moderate｜afternoon moderate

OK in 3 minutes, essential time-saving and cost-effective economic news. Published daily at 8 AM.