Korean stocks rebound after U.S. inflation report
Stocks bounced bounced back Wednesday following signs of slowing inflation in the United States.
The Kospi rallied almost 1.50 percent at the opening on Wednesday, while the Kosdaq jumped more than 2.50 percent. The won was little changed.
A report from the United States Tuesday that inflation was falling and within expectations helped in driving a turnaround from Tuesday's rout.
Inflation came in at 6.0 percent in February, down from 6.4 percent in January, according to the Labor Department Tuesday. Core inflation, which excludes food and energy, was 5.5 percent, down from 5.6 percent a month earlier.
The falling inflation and the collapse of Silicon Valley Bank, which was the 16th largest U.S. lender, are adding to hopes that the U.S. Federal Reserve will slow rate increases.
A meeting of the rate-setting Federal Open Market Committee is scheduled to start March 21.
Analysts at Goldman Sachs forecast the Fed to keep the rate steady at the meeting.
BY JIN MIN-JI [jin.minji@joongang.co.kr]
with the Korea JoongAng Daily
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