Seoul: Seoul shares opened sharply lower Friday, tracking losses on Wall Street, as the latest U.S. inflation data raised the possibility of the U.S. Federal Reserve raising interest rates to curb inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 231.42 points, or 3.29 percent, to 6,802.50 at the opening bell.
According to Yonhap News Agency, overnight, surging oil prices sparked a sell-off in U.S. stocks amid escalating tensions in the Middle East. The Dow Jones Industrial Average fell 0.6 percent, while the tech-heavy Nasdaq Composite declined 0.65 percent.
The U.S. producer price index rose 0.4 percent in August from a month earlier, accelerating from the previous month's 0.1 percent gain. Investors are now eagerly awaiting Friday's consumer price report for clues about the Federal Reserve's future rate path.