基准韩国综合股价指数周五下跌0.8%，收于2698点，扭转了前一交易日1.9%的大幅反弹，因投资者在新的关税风险下变得谨慎。此前，美国联邦上诉法院采取行动，暂时恢复特朗普此前被下级法院推翻的关税，重新引发了人们对美国贸易政策方向的担忧。在国内，疲软的经济数据增加了压力，因为韩国4月份的工业产出、零售额和设施投资均有所下降，这是自1月份以来首次同时下降，引发了人们对更广泛放缓的担忧。在企业方面，汽车制造商领跌，因为韩国央行警告称，现代汽车（-3%）和起亚（-4.1%）等汽车制造商将受到美国恢复关税的最严重打击。从好的方面来看，三星电子在从韩国开发银行获得2万亿韩元贷款后上涨了0.7%。本周，基准指数上涨4.1%，为2024年8月中旬以来的最大单周涨幅。

The benchmark KOSPI dropped 0.8% to close at 2,698 points on Friday, reversing a sharp 1.9% rally in the previous session, as investors turned cautious amid renewed tariff risks. The shift in tone came after a US federal appeals court moved to temporarily restore Trump's tariffs previously struck down by a lower court, reviving concerns about the direction of US trade policy. Domestically, weak economic data added pressure, as South Korea's industrial output, retail sales, and facility investment all declined in April, the first simultaneous drop since January, raising fears of a broader slowdown. On the corporate front, automakers led losses, as the Bank of Korea warned they would be hit hardest by the reinstated US tariffs, such as Hyundai Motor (-3%) and Kia Corp (-4.1%). On the upside, Samsung Electronics gained 0.7% after securing a KRW 2 trillion loan from Korea Development Bank. Over the week, the benchmark index advanced 4.1%, its biggest weekly rise since mid August 2024.

韩元兑美元汇率跌至1375左右，结束了连续两个交易日的上涨，因为市场情绪在新的关税风险下变得谨慎。周四，美国联邦上诉法院暂时恢复了特朗普总统的全面关税，推翻了一天前下级法院阻止征收关税的裁决。在货币政策方面，韩国央行将基准利率降至2.50%，并将2025年GDP增长预测下调至0.8%，这表明经济势头放缓，经济担忧加剧。政治不确定性也产生了影响，因为投资者密切关注即将于6月3日举行的总统选举。与此同时，随着韩国企业继续加大对美国市场的投资，人们越来越期望韩国对美国的贸易顺差可能会缩小。投资者现在期待着下周公布的新一轮韩国经济数据，包括贸易平衡、采购经理人指数和通胀数据。

The South Korean won weakened to around 1,375 per dollar, ending two consecutive sessions of gains, as market sentiment turned cautious amid renewed tariff risks. On Thursday, a US federal appeals court temporarily reinstated President Trump’s sweeping tariffs, overturning a lower court’s ruling that had blocked them just one day earlier. On the monetary policy front, economic concerns intensified after the Bank of Korea cut its benchmark interest rate to 2.50% and lowered its 2025 GDP growth forecast to a modest 0.8%, signaling a slowdown in economic momentum. Political uncertainty also weighed, as investors closely watched the upcoming presidential elections on June 3. Meanwhile, expectations are growing that South Korea’s trade surplus with the US may narrow, as local firms continue ramping up investment in the US market. Investors now look ahead to a new wave of South Korean economic data, including trade balance, PMI, and inflation figures, set for release next week.

基准韩国综合股价指数周五下跌0.4%，至2710点左右，从前一交易日1.9%的大幅反弹回落，原因是投资者情绪在围绕美国全面关税的法律不确定性中变得谨慎。此前，美国联邦上诉法院采取行动，暂时恢复之前被下级法院取消的大部分关税，这再次引发了人们对美国贸易政策方向的担忧。在企业方面，汽车制造商现代汽车股价下跌2.3%，此前有报道称其计划提高美国汽车价格以应对特朗普的关税，而其姊妹公司起亚公司股价下跌2.8%。其他值得注意的亏损包括SK海力士（-2.8%）、韩华航空航天（-4.6%）和Naver（-1.2%）。从好的方面来看，三星电子（1.3%）、三星生物制品（1%）和KB金融（1.3%）的表现优于其他公司。本周，基准指数有望创下2024年1月下旬以来的最大单周涨幅。

The benchmark KOSPI fell 0.4% to around 2,710 on Friday, pulling back from a sharp 1.9% rally in the previous session, as investor sentiment turned cautious amid legal uncertainty surrounding sweeping US tariffs. The shift in tone came after a US federal appeals court moved to temporarily restore most of the tariffs previously struck down by a lower court, reviving concerns about the direction of US trade policy. On the corporate front, automaker Hyundai Motor slipped 2.3% after reports of its plan to raise prices on US vehicles in response to Trump’s tariffs, while its sister company Kia Corp dropped 2.8%. Other notable losses include SK Hynix (-2.8%), Hanwha Aerospace (-4.6%), and Naver (-1.2%). On the upside, Samsung Electronics (1.3%), Samsung Biologics (1%), and KB Financial (1.3%) outperformed. Over the week, the benchmark index is on track for its biggest weekly rise since late January 2024.

2025年4月，韩国零售额环比下降0.9%，这是继3月份下调1%后连续第二个月下降，因为消费者支出仍然疲软。与去年同期相比，4月份零售额下降了0.1%，扭转了前一个月0.7%的增长。零售额是私人消费的关键指标，反映了消费者行为和整体经济情绪的变化。

Retail sales in South Korea declined by 0.9% month-on-month in April 2025, marking a second consecutive monthly drop after a downwardly revised 1% decrease in March, as consumer spending remained subdued. On a year-over-year basis, retail sales slipped 0.1% in April, reversing from a 0.7% increase in the previous month. Retail sales serve as a key indicator of private consumption, reflecting shifts in consumer behavior and overall economic sentiment.