日本日本銀行金利政策決定

ニュージーランドクレジットカード支出前年比

ドイツPPI前年比

ドイツ生産者物価指数月增率

The benchmark KOSPI dropped 0.4% to 3,447 on Friday, pulling back from the previous session’s all-time high close, weighed by foreign investor selling and cautious signals from the Bank of Korea. Overseas investors offloaded about KRW 117 billion in shares, while Bank of Korea Governor Rhee Chang-yong cautioned against quick rate cuts, stressing the need to keep policy relatively tight and pointing to demographic headwinds that limit aggressive easing. His stance suggested the BOK will not quickly mirror the Fed’s policy shift, tempering investor sentiment for local assets. Globally, sentiment stayed broadly positive after the Federal Reserve delivered its first rate cut since 2024, spurring a Wall Street rally and boosting appetite for Asian equities, keeping the KOSPI on track for a fourth straight weekly advance. On the corporate front, most heavyweights slipped, including Samsung Electronics (-0.8%), SK Hynix (-1%), LG Energy Solution (-1%), and Hyundai Motor (-2.1%).

KOSPI Declines Amid Foreign Selling and Policy Caution

The South Korean won slipped to around 1,394 per dollar on Friday, its third straight day of losses, as the greenback firmed against Asian peers after the Fed’s 25 bp cut and projection of two more reductions this year. While the dot plot hinted at a softer stance, Powell’s cautious remarks clouded the outlook for a longer easing cycle. Domestically, sentiment was further weighed down as BOK Governor Rhee Chang-yong warned that Korea may soon face the effective lower bound due to rapid population aging, limiting the impact of rate cuts. His remarks underscored concerns that Korea’s policy toolkit is narrowing, a factor that could leave the won more vulnerable to shifts in global rates and capital flows. Rhee highlighted that QE and FX intervention could backfire, urging instead a funding-for-lending scheme and structural reforms to strengthen labor participation, immigration, and regional development.

Won Extends Losses on Fed Signals, BOK Constraints

The U.S. may soon remove its 25% penal tariff on Indian goods and cut reciprocal duties to 10–15% from 25%, India’s Chief Economic Adviser V. Anantha Nageswaran said Thursday. “My personal confidence is that in the next couple of months, if not earlier, we will see a resolution to at least the extra penal tariff of 25%,” he noted at an event in Kolkata, adding that reciprocal duties may also be lowered. His remarks follow “positive” and “forward-looking” trade talks between New Delhi and Washington earlier this week, raising hopes for a breakthrough after President Donald Trump imposed punitive tariffs in August over India’s purchases of Russian oil. The levy doubled India’s tariff burden to 50% as part of U.S. pressure on Moscow. Recently, Trump has adopted a more conciliatory tone, and a phone call with Prime Minister Narendra Modi signaled easing tensions, with Trump expressing optimism about finalizing a trade deal.

U.S. May Roll Back Tariffs on India Amid Thawing Ties

Gold slipped toward $3,630 per ounce on Friday, marking its third consecutive session of losses and positioning the metal for its first weekly decline in four. Markets continued to digest the Federal Reserve outlook after the central bank eased its benchmark rate for the first time since December, leaving the door open for further reductions. However, policymakers cautioned that persistent inflation could slow the pace of any future cuts. Chair Jerome Powell also framed the move as a measured response to a cooling labor market, emphasizing that the central bank does not intend to accelerate an easing cycle and will proceed cautiously. Nevertheless, gold has still risen roughly 39% so far this year, repeatedly hitting record highs amid expectations of Fed easing, ongoing geopolitical tensions, and strong central bank demand. Elsewhere, Swiss gold exports to China surged 254% in August compared with July, according to official data.

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