Global stock indices enter the week with several major events to worry about:
- the G7 response to the Strait of Hormuz closure,
- Nvidia’s earnings on Wednesday,
- and pressure on Korean technology stocks.
These events come at a delicate time for equities. The S&P 500 and Nasdaq hit fresh record highs last week, while the Dow briefly reclaimed the 50,000 level.
In Asia, the Hang Seng Index, retreated meaningfully on Friday as investor enthusiasm around the Trump Xi summit faded during the afternoon session. The G7 summit this week could reignite enthusiasm and help investors begin pricing in lower geopolitical risk.
South Korea’s benchmark Kospi index is also under immense pressure, retreating from a fresh record high as concerns grow around concentration risk. Samsung and SK Hynix together now make up a record 42.2% of the index. Shares of Samsung fell 8.6% on Friday after its workers union said it would proceed with a planned 18-day strike from May 21. However, the Korean government may look to step in to avoid a strike, given Samsung Electronics’ role as the country’s largest employer and the potential disruption a prolonged strike could cause to the broader economy.
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