[Morning Briefing] 'Santa rally' U.S. stocks rise…rail union postpones general strike, trains operating normally (KST 10:35)

◆ New York stocks begin 'Santa rally'…tech stocks strong

The three major U.S. stock indexes closed higher. On the 22nd local time, the Dow Jones rose 0.47% to 48,362.68, the S&P 500 climbed 0.64% to 6,878.49, and the Nasdaq also rose 0.52% to 23,428.83. With relatively light trading and no particular good or bad news, expectations for a 'Santa rally' appeared ahead of the year-end holidays. Bargain buying focused on tech stocks, centered on artificial intelligence (AI) and semiconductor theme stocks that had led the market this year but had been under adjustment for a while.

◆ China to impose up to 42.7% duties on EU dairy in 'trade dispute'

After confirming the imposition of anti-dumping duties on EU pork, China decided to impose provisional countervailing duties of up to 42.7% on EU dairy products from the 23rd. China's Ministry of Commerce said, "Subsidies on dairy products imported from the EU caused actual damage to China's related dairy industry, and we found a causal link between the subsidies and the actual damage." The EU expressed regret to China, calling the measure unfair. Last year, when the EU imposed high countervailing duties on Chinese-made electric vehicles, China retaliated with tariffs on European agricultural and livestock products, sparking a trade dispute.

◆ Iran conducts missile test launches…Israel says "discussing with the U.S."

Reuters, citing local media, reported that Iran conducted missile launch exercises in several cities on the 22nd local time. U.S. outlet Axios, quoting sources, reported that Israeli officials warned the U.S. government last weekend that "the Islamic Revolutionary Guard Corps' missile exercises could be preparing for an attack on Israel." In this regard, Israeli Prime Minister Benjamin Netanyahu said he is aware of Iran's moves and "will discuss Iran's nuclear activity with U.S. President Donald Trump."

◆ Rail union 'postpones' general strike…trains operating normally

The National Railroad Workers' Union postponed the general strike that had been scheduled to begin today (23rd) at 9 a.m. Accordingly, Korail said that all trains would operate normally. According to the union, a tentative agreement was reached with the government to normalize the criteria for performance bonus payments, and they made the decision accordingly. The union said it would defer the general strike for now and wait to see the decision of the Public Institution Operation Committee scheduled to meet today.

◆ Rain nationwide from the afternoon…snow in some areas

Today, Tuesday, the country will be mostly cloudy and gradually become overcast from the morning, with rain expected in most regions in the afternoon. Expected precipitation is 5–20 mm in the Seoul metropolitan area, Chungcheong, Honam, and Yeongnam regions, while northern Gyeonggi and the inland and mountainous areas of Gangwon will see rain or snow. Daytime temperatures will be 3–15°C, and fine dust levels nationwide are forecast to be 'good' or 'moderate'.

Bonggu Kim, Hankyung.com reporter kbk9@hankyung.com