Domestic Demand Slump Causes Employment Growth to Plummet Below 100,000 [3-Minute Brief]

[At a Glance]
① Exchange Rates Soar Amid Trump Re-Election
② Prolonged High Inflation Leads to Decreased Food Spending
③ US Congress 'Red Sweep' Imminent

MARKET INDEX

- US New York Stock Exchange's three major indices closed mixed near flat

- October CPI up 2.6% year-on-year... Increased possibility of interest rate cuts

- Previous day saw a broad market decline due to fatigue from the 'Trump rally'

TOP 3 NEWS

■ "Interest rates should be cut..." Yongsan closely watching exchange rates

- Won-dollar exchange rate soaring amid Trump's re-election
- Continued foreign selling of Samsung Electronics also driving exchange rate up
- Government recognizes the need for additional interest rate cuts within the year

■ Korea Zinc cancels rights offering... "Humbly accepts market and shareholder concerns"

- Temporary board meeting on the 13th resolved to withdraw the rights offering
- "Continuously listening to concerns from shareholders and market stakeholders"
- Korea Zinc fully committed to winning management rights dispute

■ October employment increase drops to 80,000s... Record high 'resting' population

- Employment in retail and construction sectors declined due to sluggish domestic demand
- 'Resting' population continues to rise... Increasing by over 200,000
- "Additional support measures for small business owners will be prepared without delay"

Graphic News: "Eating less because it's expensive"... Decrease in food expenses

- Grocery spending increases annually... Similar to last year when reflecting price fluctuations

- Real consumption volume decreased due to high inflation... Food expense burden increased, leading to reduced consumption

- Middle-income group shows the largest decrease in food spending... Export growth trend continues

Money-Making Law

■ Born in Korea but unable to register birth... Over 4,000 foreign children

- 'Unknown identity' foreign children birth registration bill has failed to pass the National Assembly for years
- Difficulty guaranteeing identity exposes children to crime... Challenges in providing education, healthcare, and social services
- UN Convention on the Rights of the Child and Constitutional Court declare "'Right to birth registration' is a fundamental right"
☞Read article: https://www.asiae.co.kr/article/2024111313043753213

■ Choi Tae-won and Noh So-young's property division hearing intensifies... Will all 13 Supreme Court justices hear opinions?

- Supreme Court may dismiss appeal without hearing within 4 months if lower court's judgment is sound
- If referred to the full bench or becomes a so-called 'report case,' all justices will deliberate
- Some opinions suggest the first division justices will conclude... "No need to proceed to full bench judgment"
☞Read article: https://www.asiae.co.kr/article/2024111313062563398

■ [Exclusive][Ruling] Aladin loses case after refusing 'hacking resolution success fee'

- Online bookstore hacked in May last year, leaking about 1 million e-books
- Aladin signed legal advisory contract with A law firm agreeing to pay 100 million KRW fee
- Court: "Fee agreement does not violate public order... Amount is not excessive"
☞Read article: https://www.asiae.co.kr/article/2024111314161222559

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

Terms in the News: Republican sweep 'Red Sweep'

President-elect of the United States Donald Trump. Photo by Reuters and Yonhap News.

- Red sweep means the Republican Party wins the White House and both houses of Congress

- WP: "If trifecta is realized, Trump will exert influence on conservative agenda"

- Wall Street forecasts "Republican sweep will be a short-term boon and long-term bane for the US economy"

Today's Key Schedule

○ Domestic

14th KOSDAQ Three Billion listing, public offering price 4,500 KRW

○ Overseas

04:00 US October Federal Budget Balance

06:30 American Petroleum Institute Weekly Crude Oil Inventory

09:30 Australia October Unemployment Rate

15:30 India October Wholesale Price Index

19:00 Eurozone Q3 GDP

22:30 US Initial Jobless Claims

22:30 US October Producer Price Index

◇ Lunch & Commute Weather

○ Lowest temperature 12℃(▲3℃) ｜Highest temperature: 18℃(▼2℃)
○ Precipitation probability morning 30%｜afternoon 60%
○ Fine dust morning moderate｜afternoon moderate

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