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Stocks open strong Tuesday ahead of release of U.S. inflation data

Published: 08 Nov. 2022, 10:16

Electronic display boards at Hana Bank in central Seoul show stock and foreign exchange markets on Tuesday morning. [YONHAP]

Stocks got off to a strong start Tuesday, as investors await the release of U.S. inflation data due out later this week that could offer clues about the Federal Reserve's path forward.

The benchmark Kospi rose 10.79 points, or 0.45 percent, to 2,382.58 in the first 15 minutes of trading.

U.S. stocks ended higher Monday (local time), on the eve of the midterm elections, with the prospect of the Republican Party taking control of at least one chamber of Congress helping to erase some market uncertainties for the time being.

U.S. consumer prices for October due out Thursday will provide clues as to whether the Fed's hawkish interest rate hikes have helped tame the decades-high inflation, or whether it will go with another 0.75 percentage-point hike or smaller in its next December policy meeting.

In Seoul, tech and auto shares opened higher. Samsung Electronics gained 1.5 percent, and its affiliate Kia added 0.3 percent. Biopharmaceutical company Celltrion rose about 2.7 percent.

Battery makers and refiners fell. LG Energy Solution slid 1.7 percent, and Samsung SDI dipped more than 2 percent. Oil refiner S-Oil was down about 1.2 percent.

The local currency was trading at 1,393.50 won against the dollar as of 9:15 a.m., up 7.7 won from Monday's close.

BY CHO JUNG-WOO, YONHAP [[email protected]]