Really 'Geumgab' Now... Gold Price Hits All-Time High [3-Minute Brief]

[At a Glance]
① Gold Price Hits Record High Amid US Interest Rate Cut
② The Fall of Intel, the 'Semiconductor King'
③ Sri Lanka's Election of a 'Left-Wing President'

MARKET INDEX

○ US New York Stock Exchange's three major indices closed slightly higher
○ September Manufacturing PMI below expectations... contraction phase
○ Slight rise in stock market due to possibility of additional big rate cuts

TOP 3 NEWS

■ Gold prices up 28% this year... will they rise further?

○ US benchmark interest rate cuts push gold prices to all-time highs
○ Decline in dollar value increases gold's value as an alternative asset
○ Some forecasts expect gold prices to continue rising at least until next year

■ "Intel may receive 7 trillion won capital injection"… fate of the fallen semiconductor king

○ Intel's status tarnished as it becomes a target for competitor acquisitions
○ Undertaking restructuring including spinning off foundry business to overcome crisis
○ US asset management firm Apollo proposes $5 billion investment in Intel

■ MBK: "Counter-bid against Korea Zinc, no breach of trust or exit strategy"

○ MBK Partners currently pursuing a public tender offer for Korea Zinc
○ MBK states “No exit strategy involving SoftBank, Bain Capital, etc.”
○ “Acquisition of partner company shares could expose to breach of trust allegations”

the Chart : REITs stocks welcome rate cuts "Attractive defensive stocks with high dividends"

- Start of rate cuts → expected reduction in financing costs

- Focus on REITs... defensive characteristics and high dividend yields

- Concerns about economic recession remain... need to verify target characteristics

Money-Making Law

■ 86% of CEOs violating the Serious Accident Punishment Act receive probation

- All 22 cases violating the Serious Accident Punishment Act in the first two years resulted in guilty verdicts
- However, imprisonment sentences were given in only 3 out of 22 cases
- “Early stage of law enforcement makes strong prosecution requests difficult”
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024092314574741259

■ Dysfunction caused by the ‘Plant Parliament’... concerns over ‘Plant Constitutional Court’ in October

- Political deadlock causes difficulties in appointing National Assembly's Constitutional Court justices
- No discussion on the Constitutional Court Chief Justice's term
- Calls for legally defining the term length
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024092314591852492

■ One mistake shouldn't brand a 'scarlet letter'... Recovery supporters delivering hope

- Recovery supporters are experts helping rehabilitation and social reintegration
- They build empathy through sharing their own recovery experiences
- Play a role in delivering hope to those in despair
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024092315004258732

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

People in the News: Sri Lanka's first Marxist-leaning president elected

- Dissanayake elected as Sri Lanka's president
- Campaigns on anti-corruption and pro-poor policies
- Faces challenges of economic recovery and rooting out corruption from previous government

Today's Key Schedule

○ Domestic

06:00 August Producer Price Index

Gyeonggi Harrington Square Sinheung Station

Chungbuk Hanwha Forena Chungju Hoam

○ Overseas

09:30 Japan September Services Purchasing Managers Index

13:30 Australia September Interest Rate Decision

17:00 Germany September Ifo Business Climate Index

23:00 US September CB Consumer Confidence Index

◇ Lunch & Commute Weather

○ Lowest temperature 16℃(0℃) ｜ Highest temperature: 27℃(0℃)
○ Precipitation probability morning 0%｜afternoon 0%
○ Fine dust morning good｜afternoon good

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