FX.co ★ South Korean Shares Track US Futures Higher

The benchmark KOSPI increased by 0.8% to reach 2,613 points on Monday, recovering from the previous week, influenced by a surge in US futures. This occurred after President Trump announced a delay in the proposed tariffs on the EU, alleviating investor apprehensions regarding his assertive trade strategies. On Sunday, President Trump extended the deadline for implementing a 50% tariff on EU goods, shifting it from June 1 to July 9, following discussions with European Commission President Ursula von der Leyen. In South Korea, the leading presidential candidate, Lee Jae-myung, advocated for extending negotiations on US tariffs to achieve a mutually advantageous agreement. The United States and South Korea are working towards finalizing a package focusing on tariffs and economic cooperation by July 8, although South Korea’s trade minister has cautioned that potential delays may arise due to the impending election on June 3, 2025. Among individual stock performances, battery manufacturers outshined, with LG Energy Solution rising by 3.5% and Samsung SDI seeing a 4.8% increase. Conversely, technology stocks underperformed, with Samsung Electronics declining by 0.5% and SK Hynix falling by 1.5%.