"Time to Open Your Wallet?"... Consumer Sentiment Hits 4-Year High [3-Minute Brief]

[At a Glance]
① June Consumer Sentiment Index Hits Highest Level in Four Years Since June 2021
② Lee Administration Injects 1 Trillion KRW in National Funds for Local Currency in First and Second Supplementary Budgets
③ Trump: "Iran-Israel Reach Ceasefire Agreement"

MARKET INDEX : Year to date

○Up over 1% on Israel-Iran ceasefire... International oil prices plunge 6%
○Relief rally on Middle East ceasefire news
○Trump: "China can continue purchasing Iranian oil"

Top3 NEWS

■ June consumer sentiment hits 4-year high... Housing price outlook surges to 'panic buying' levels of 2021

○June Consumer Composite Sentiment Index (CCSI) at 108.7
○Housing price outlook surges to October 2021 levels
○Second supplementary budget set, new government policies anticipated

■ 1 trillion KRW invested to issue 29 trillion KRW in local currencies... Breathing room for local economies, fiscal burden rises

○Local currency purchase limit per person raised to 700,000~2,000,000 KRW per month
○Local currency discount rates vary by region
○Policy goal: shift 'consumption structure' to a regional focus

■ Trump: "Iran-Israel reach ceasefire agreement"... '12-day war' ends 24 hours later

○Ceasefire implemented in 12-hour intervals; official end to hostilities 24 hours later
○Qatar mediates ceasefire
○Middle East tensions expected to ease, but nuclear conflict remains unresolved

Graphic News: Insurance companies face another tough Q2... Non-life insurers expected to underperform life insurers

○Net profit estimate for 8 listed insurers: 2.4916 trillion KRW, down 7.9% year-on-year
○Worsening auto insurance loss ratios and impact from major fires
○Rate cuts and Trump tariffs expected to make the second half challenging as well

the Chart: Funds flock to 'secondary financial sector' for 100 million KRW deposit protection... Soundness in crisis

○Deposit protection limit to rise from 50 million KRW to 100 million KRW starting September
○Funds expected to shift to secondary financial sector such as mutual finance and savings banks
○With deteriorating soundness in the secondary sector, active cleanup of bad assets is needed

Today's Key Schedule

○Domestic

KB No.32 SPAC subscription, final public offering price 2,000 KRW

Scinic Solution subscription, expected offering price 4,300~5,100 KRW

○Overseas

05:00 Speech by Federal Reserve Vice Chair for Supervision Barr (US)

05:30 API weekly crude oil inventory (US)

07:45 New Zealand trade balance (YoY) (May)

16:00 Spain GDP (QoQ) (Q1)

23:00 Testimony by Federal Reserve Chair Powell (US)

23:00 US new home sales (May)

23:30 US crude oil inventory

◇Lunch & Evening Commute Weather

○Lowest temperature: 21°C (▼2°C) ｜Highest temperature: 25°C (▼5°C)
○Precipitation probability: 60% in the morning | 60% in the afternoon
○Fine dust: Moderate in the morning | Moderate in the afternoon

3 minutes is all you need: essential, high value-for-time economic news. Published daily at 8 a.m.