증시 대담<br /><br />It's time now for a look at the global markets on this Thursday.<br />And for that I'm joined on the line by Mr. Daniel Yoo, global strategist at Kiwoom Securities.<br />Mr. Yoo, thanks for coming on today.<br />You're welcome.<br />Stocks on Wall Street pared back some of the gains they've seen recently. The S&P off point-2 percent. Again, fears over trade. What's the story today?<br />Korea up slightly down KOSPI 0.24% but Kosdaq up 0.74%. <br />Option maturity day. US stock market fell yesterday by 0.17% dow, 0.21% SP and 0.38% for Nasdaq. Continued concern for US-China trade dispute is putting pressure on the global market. However, because of G20 summit expectation market is not trading heavily or falling sharply. <br />Data show household debt up in May by 5 trillion won, the biggest rise we've seen yet this year. Yesterday, the BOK governor hinting at a rate cut. Wouldn't that encourage people to borrow more?<br />Korea's household debts as % of GDP is 97.7% as end of 2018. That is highest number ever. 10 years ago, it was only at 70% level. <br />Lower interest rate environment is good thing, but you need the disposable income rising for Korean consumers. <br />Also government debt as GDP is less than 40% which is far lower than US or China. Therefore, we need government budget to be more aggressive. <br />Monetary policy is important but fiscal policy is more important for Korea now. <br />As of yesterday, borrowers have a new right in Korea to ask lenders to lower their interest rates if they've improved their credit one way or another by getting a new job or a higher income. What do you think will be the effects of this system?<br />Any one who had rising trend in earnings or NAV can ask for lower interest rate. <br />It started yesterday. <br />This is definitely good news for domestic consumption. <br />Given consumer debts as percentage of GDP is very high, lower interest rate will have positive effect on consumption. <br />However, as for the banks' earnings, it will not be that positive news given average lending rate will fall. <br />Alright, Mr. Yoo. That's where we'll have to leave it today.<br />Thanks for coming on. We appreciate your insights.<br />
