NTDTV
Market Report - South Korean GDP Grows
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South Korea’s economy grew the most in over seven years last quarter, but a weaker outlook is expected to keep interest rates steady. It went up nearly three percent in the last three months.
Seoul shares reversed early losses, as the economic news sparked buying of retailers on hopes of better sales ahead.
SK Energy, the nation’s top crude refiner, jumped after it was chosen as a supplier of lithium-ion batteries for a hybrid electric vehicle project.
Japan and other regional stock markets gained, led by financials and tech shares.
The Japanese government decided to put a state-backed turnaround firm in charge of troubled Japan Airline’s revitalization.
JAL’s current liabilities are estimated to exceed its assets by $8.8 billion, if Asia’s largest airline was liquidated.
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