韩国国债收益率随全球利率上行，股市承压但缺少明确单票交易催化

▲ AI PRISM* Personalized Economic Briefing
* Editor's note: AI PRISM (Personalized Report & Insight Summarizing Media) is an artificial intelligence-based personalized news recommendation and summary service developed with support from the Korea Press Foundation. It selects and provides six news items tailored to each reader type.
[Key Issue Briefing]
■ Rate Tsunami: Global long-term government bond yields have surged on inflation from rising international oil prices and concerns over fiscal health in major economies, adding to upward pressure on domestic market rates. As the transmission of sharp increases in U.S. and Japanese government bond yields to Korean treasury yields and lending rates continues, concerns are spreading that interest burdens on low- and middle-income households and self-employed business owners will rise first.
■ Foreign Outflows: With geopolitical risk from the Middle East compounding the shock of high rates and high oil prices, the KOSPI has found no opening for a rebound from its trading range. While large-scale share buybacks by Samsung Electronics (005930) and SK hynix (000660) have propped up the index, foreign and institutional investors have used them as an opportunity to take profits and unload holdings.
■ Shorter Maturities: Money has flowed out of bond funds in the wake of two consecutive base rate increases by the Bank of Korea, with inflows concentrated only in ultra-short-term bond funds that are less sensitive to rate moves. In addition, August consumer prices rose back above 3% for the first time in two months and core inflation gained pace, heightening caution over the possibility of further tightening.
[Top News for Financial Product Investors]
1. Rate Tsunami From U.S. Hits Korean Households and Leveraged Homebuyers First
- Key points: The surge in global long-term government bond yields is spilling over into upward pressure on domestic market rates. On the 2nd, the three-year treasury bond yield closed at 3.93%, up 0.052 percentage points from the previous day, while the 10-year yield rose 0.047 percentage points to 4.418%. The same day, the U.S. 10-year Treasury yield hovered around 4.8%, its highest level since early last year, and the 30-year yield used as a benchmark for mortgages climbed to 5.27%, the highest since June 2007. Analysts say that if the Bank of Korea raises rates one or two more times, mortgage rates now topping out in the 7% range could reach 8%. Household debt stood at 2,019.8 trillion won at the end of June.
2. Buyback Shield Fails to Hold as Rates and Oil Rattle Stocks
- Key points: The KOSPI closed on the 2nd at 6562.72, down 3.99%, or 273.08 points. News that China's CXMT had begun small-volume production of HBM3E weighed on the market, sending Samsung Electronics down 4.02% to 250,500 won and SK hynix down 4.73% to 1.613 million won. Since SK hynix announced its share buyback on the 20th of last month, foreign and institutional investors have sold a net 9.8361 trillion won and 4.0645 trillion won, respectively, while 92.14% of the 15.0864 trillion won in net purchases by other corporations over the same period was used as an opportunity to take profits. Meanwhile, net inflows into the iShares MSCI South Korea ETF (EWY), a U.S.-listed Korea fund, totaled $369.61 million in August, down 92.3% from July's $4.77477 billion.
3. AI Data Centers Revive Battery ETFs, Up 30% in a Month
- Key points: Neglected battery stocks have rebounded, pushing related exchange-traded funds to the top of the performance rankings. TIGER Secondary Battery TOP10 Leverage rose 45.88% over the past month as of the previous day, while KODEX Secondary Battery Industry Leverage jumped 38.99%. The gains largely reflected sector rotation into batteries while semiconductor stocks paused on the prospect of a rate increase and cash flow strains from Big Tech's AI investments. Energy storage systems (ESS) have emerged as a new source of battery demand to follow electric vehicles as AI data centers proliferate. The North American ESS market reached 75.9 gigawatt-hours in the first half of this year, 83% larger than 41.5 gigawatt-hours a year earlier, and the combined market share of LG Energy Solution (373220) and Samsung SDI (006400) rose to 19.7% from 13.9%.
[Reference News for Financial Product Investors]
4. August Inflation Rises 3.1% as Living Costs Climb
- Key points: Consumer price inflation registered 3.1% in August, rising back above 3% for the first time in two months. According to the National Data Office, the figure was 0.3 percentage points higher than July's 2.8%, reflecting in large part a base effect from last year's half-price mobile telecom discounts. Still, core inflation excluding food and energy rose 3.4%, a sharp acceleration from 2.6% the previous month, while the living cost index gained 3.2%. The Bank of Korea expects September inflation to come in below August but sees the underlying upward trend in core items continuing.
5. Investors Shorten Bond Bets as Cash Piles Into Ultra-Short Debt
- Key points: Assets in domestic bond funds fell 385.1 billion won over the past month to 88.6344 trillion won. By category, 625.5 billion won flowed out of government and public bond funds while 648.0 billion won flowed into ultra-short-term bond funds, a clear divergence. Three-month returns also split, with government and public bond funds posting a loss of 1.69% while ultra-short-term bond funds returned 0.80%. The Bank of Korea raised its base rate to 2.75% in July and to 3.00% last month in consecutive moves, and Hana Securities forecasts a terminal rate of 3.50% with three-year and 10-year treasury yields peaking at 4.3% and 4.7% within the year.
6. [Investment Window] Nvidia's Second Golden Age
- Key points: The era of physical AI, in which robots perceive and make judgments on their own, is arriving faster than expected. Nvidia declared a ChatGPT moment for physical AI at CES earlier this year, and Chief Executive Jensen Huang has framed humanoids and labor automation as a $40 trillion market. Amazon Web Services (AWS) plans to deploy an additional 2 million Blackwell Ultra and Rubin generation GPUs across 2027 and 2028, while Amazon Robotics has adopted a full-stack platform spanning Jetson, Omniverse, Isaac and Cosmos. Nvidia trades at 18.7 times forward 12-month earnings, below the S&P 500's 19.9 times, while its projected annual average earnings-per-share growth of 52.7% for 2026 through 2028 far exceeds the index's 20.1%.
▶Read the article: Rate Tsunami From U.S. Hits Korean Households and Leveraged Homebuyers First
▶Read the article: Even the Government Could Not Cross the Talent Divide
▶Read the article: August Inflation Rises 3.1% as Living Costs Climb