Soaring Home Mortgage Loans Unstoppable Despite High Interest Rates [3-Minute Brief]

[At a Glance]
① Shadow of Construction Industry Slump, Weak Employment in August
② US Signals Additional Sanctions on Chinese HBM
③ Aging Houses Near 4.5 Million Units in 2022

MARKET INDEX

○ US New York stock market's three major indices all closed higher
○ Core CPI exceeded expectations, dampening hopes for a big rate cut
○ Nvidia rises on consideration of Saudi export approval

TOP 3 NEWS

■ Housing loan surged by 8.2 trillion KRW in August amid soaring home prices... Highest since statistics began

○ Bank household loans jumped by 9.3 trillion KRW
○ Near highest level in 3 years and 1 month
○ Housing loans have been increasing since March last year

■ Shadow of construction industry slump... August employment increased by only 120,000

○ Statistics Korea August employment trends
○ Largest number of 'resting' population
○ Decrease in construction industry employment

■ US hints at additional HBM sanctions on China... Korean companies closely watching

○ If Chinese operations are blocked
○ Concerns over HBM price decline
○ Restrictions on high-end DUV imports as well

the Chart: One in four houses is over 30 years old

- The proportion of houses over 30 years old is rapidly increasing
- The number of demolished houses, a measure of redevelopment projects, has significantly decreased
- Reconstruction and redevelopment bills proposed... Opposition party consent needed

Money-Making Laws

■ Is Makgeolli still Makgeolli if colorants and flavorings are added?

- Government relaxes Liquor Tax Act enforcement decree... Announces '2024 Tax Law Amendment'
- Under the amendment, liquor with added flavorings and colorants will be recognized as 'Takju' (unfiltered rice wine)
- Small-scale liquor makers protest, saying traditional liquor quality may decline
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024091114040698213

■ '1997-born Yulchon vs 2013-born Yulwoo'... Yul vs Yul showdown

- Representing inheritance disputes surrounding LG Group
- Intense power struggle in major corporate cases
- Both law firms are known to be close to the current government
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024091114054508921

■ “De facto ban on disposal of private property”

- Financial Services Commission introduces insider trading pre-disclosure system
- Excessively restricts individuals' freedom to dispose of stocks
- Criticized for violating property rights and the principle of prohibition of excess
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024091114201879885

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

News in Focus ?? : ‘Fracking’ emerges as a key issue in the US November presidential election

- The catalyst for the US 'Shale Revolution' in the 2010s
- Key issue in the battleground state Pennsylvania with 1% margin
- Harris reverses previous stance on 'fracking ban'

Today's Key Schedule

○ Domestic

○Overseas

02:00 US 10-year Treasury bond auction

07:45 New Zealand August card purchase index

08:50 Japan Q3 Business Conditions Survey Index for large manufacturers

10:30 Australia National Australia Bank Business Confidence Index

17:00 International Energy Agency (IEA) monthly report

21:15 European Central Bank September interest rate decision

21:30 US initial jobless claims

21:30 US August Producer Price Index

21:45 European Central Bank press conference

◇ Lunch & Commute Weather

○ Lowest temperature 25℃(0℃) ｜ Highest temperature: 27℃(▼8℃)
○ Precipitation probability morning 70%｜afternoon 70%
○ Fine dust morning good｜afternoon good

3 minutes is enough, essential time-efficient economic news. Published daily at 8 AM.