韩国在提前选举前宣布鸽派削减。周四，韩国央行在其当前的宽松周期中第四次降息，以支持受美国关税影响的经济复苏，就在亚洲第四大经济体总统大选前几天。

South Korea delivers dovish cut ahead of snap election.South Korea's central bank cut interest rates for a fourth time in its current easing cycle on Thursday to support an economic recovery clouded by U.S. tariffs, just days ahead of a presidential election in Asia's fourth-largest economy.

周四，在韩国央行宣布普遍预期的降息后，韩元兑美元汇率跌破1380韩元，扭转了前一交易日的涨幅。央行在2025年5月的会议上将政策利率下调25个基点至2.5%，为2022年9月以来的最低水平。这标志着在对经济增长停滞的担忧日益加剧的情况下，当前宽松周期已连续第四次降息。韩国央行还将其2025年的增长预测大幅下调至0.8%，理由是国内需求疲软、出口疲软以及美国关税措施的不确定性。雪上加霜的是，在联邦法院裁定特朗普总统在征收全球关税方面越权，宣布其为非法并下令取消关税后，美元走强。虽然预计会有上诉，但该裁决缓解了贸易的不确定性。与此同时，投资者在6月3日韩国总统大选前等待潜在的刺激承诺。

The South Korean won weakened past 1,380 per dollar on Thursday, reversing gains from the previous session, after the Bank of Korea delivered a widely expected rate cut. The central bank lowered its policy interest rate by 25 basis points to 2.5% at its May 2025 meeting, the lowest level since September 2022. This marked the fourth consecutive cut in the current easing cycle amid growing concerns over stagnant economic growth. The BOK also sharply downgraded its 2025 growth forecast to 0.8%, citing weak domestic demand, sluggish exports, and uncertainty from US tariff measures. Adding to the pressure, the US dollar strengthened after a federal court ruled that President Trump had exceeded his authority in imposing global tariffs, declaring them unlawful and ordering their removal. While an appeal is expected, the ruling eased trade uncertainties. Meanwhile, investors await potential stimulus pledges ahead of South Korea’s presidential election on June 3.

周四，基准韩国综合股价指数上涨1.4%，至2707点左右，连续第二个交易日上涨，达到9个月来的最高水平，此前韩国央行宣布了普遍预期的降息。央行在2025年5月的会议上将政策利率下调25个基点至2.5%，为2022年9月以来的最低水平。由于对经济增长停滞的担忧日益加剧，这标志着当前宽松周期的第四次连续降息。韩国央行还将其2025年的增长预测大幅下调至0.8%，理由是国内需求疲软、出口疲软以及美国关税措施的不确定性。在美国贸易法庭推翻特朗普的全球关税后，市场情绪有所改善，称其为非法并下令取消，这进一步增强了市场动力。在指数权重股中，造船厂和汽车股领涨，如现代重工（3.1%）和现代汽车（1.7%）。芯片制造商SK海力士（1.4%）领涨，此前美国同行英伟达公布了强劲的盈利。

The benchmark KOSPI climbed 1.4% to around 2,707 points on Thursday, rallying for a second straight session to hit its highest level in nine months, after the Bank of Korea delivered a widely expected rate cut. The central bank lowered its policy interest rate by 25 basis points to 2.5% at its May 2025 meeting, the lowest level since September 2022. It marked the fourth straight cut in the current easing cycle amid growing concerns over stagnant economic growth. The BOK also sharply downgraded its 2025 growth forecast to 0.8%, citing weak domestic demand, sluggish exports, and uncertainty from US tariff measures. Adding to momentum, market sentiment improved after a US trade court struck down Trump’s global tariffs, calling them illegal and ordering their removal. Among index heavyweights, shipbuilders and autos led the charge, such as Hyundai Heavy Industries (3.1%) and Hyundai Motor (1.7%). Notable gains include chipmaker SK Hynix (1.4%), after US peer Nvidia posted robust earnings.

韩国按预期下调政策利率。周四，韩国央行在当前宽松周期中第四次降息，因为华盛顿试图重新安排全球贸易，加剧了经济增长和通胀的下行风险。

South Korea cuts policy interest rates as expected.South Korea's central bank cut interest rates for a fourth time in the current easing cycle on Thursday as Washington's attempts to reorder global trade fanned downside risks for economic growth and inflation.