周一，韩元兑美元汇率升至1384美元左右，连续第三个交易日上涨，主要原因是最近美元疲软。与此同时，美国就业报告疲软，唐纳德·特朗普总统突然解雇了劳工统计局专员埃里卡·麦肯塔费尔，这一事态发展令投资者感到不安，并加剧了人们对美联储即将降息的预期。在国内方面，投资者情绪仍然谨慎，因为韩国和美国之间未解决的非关税壁垒问题仍存在不确定性。虽然最近的关税协议降低了韩国进口商品的关税，但关键挑战依然存在，特别是在数字部门的监管、农产品的检疫措施以及与外汇和安全有关的担忧方面。

The South Korean won appreciated to around 1,384 per dollar on Monday, rising for the third consecutive session due largely to recent weakness in the dollar. This came amid a weak US jobs report and President Donald Trump’s abrupt dismissal of Bureau of Labor Statistics Commissioner Erika McEntarfer, developments that unsettled investors and reinforced expectations of imminent Federal Reserve rate cuts. On the domestic front, investor sentiment remained cautious as uncertainties lingered over unaddressed non-tariff barrier issues between South Korea and the US. While the recent tariff deal reduced tariffs on South Korean imports, key challenges persist, particularly regarding regulations in the digital sector, quarantine measures on agricultural products, and concerns related to foreign exchange and security.

基准韩国综合股价指数周一上涨0.5%，至3140点左右，从前一交易日的近四个月低点反弹，主要科技股表现强劲。在科技板块，三星电子上涨1.3%，而互联网平台表现强劲，Naver上涨3.1%，Kakao飙升5.6%。其他显著上涨的公司包括斗山能源公司（4.2%）和起亚公司（1.1%）。然而，包括HD Hyundai Heavy和LG Energy Solution在内的造船和电池类股的下跌抑制了整体涨幅。尽管税收政策仍存在不确定性，但韩国正在进行的企业改革也支撑了市场情绪。展望未来，投资者在等待美国关键经济数据和美联储信号时仍持谨慎态度，但逢低买盘和对长期治理改善的乐观情绪支撑了小幅上涨。

The benchmark KOSPI rose 0.5% to around 3,140 on Monday, rebounding from a near four-month lows in the previous session, lifted by strong performances in major tech stocks. Within tech, Samsung Electronics rose 1.3%, while internet platforms saw strong moves, with Naver climbing 3.1% and Kakao surging 5.6%. Other notable gainers included Doosan Enerbility (4.2%) and Kia Corporation (1.1%). However, losses in shipbuilding and battery stocks, including HD Hyundai Heavy and LG Energy Solution, tempered broader gains. Sentiment was also underpinned by South Korea’s ongoing corporate reform push, despite lingering uncertainty around tax policy. Looking ahead, investors remain cautious awaiting key US economic data and Fed signals, but bargain-hunting and optimism over longer-term governance improvements supported modest gains.

周五，韩元兑美元汇率跌至1400左右，在美国贸易行动和国内税收改革担忧的压力下徘徊在11周低点以上。在特朗普总统重申10%的全球基准关税和高达41%的非贸易伙伴关税后，美元保持坚挺，加剧了贸易紧张局势，并促使避险资金流入美元。在国内，市场情绪受到政府计划取消最近减税政策的影响，这引发了人们对其市场改革承诺和解决韩国折扣问题的怀疑。与此同时，7月份的制造业采购经理人指数从6月份的48.7降至48.0，标志着连续第六个月出现收缩，并预示着随着产出和新订单的下降，经营状况将进一步恶化。企业还表示，美国关税风险带来的不确定性日益增加。尽管出口在半导体需求强劲的带动下增长了5.9%，强于预期，但对更广泛的工业复苏的担忧使其黯然失色。

The South Korean won weakened to around 1,400 per dollar on Friday, hovering at over eleven-week lows amid pressure from US trade actions and domestic tax reform concerns. The dollar held firm after President Trump reaffirmed a 10% baseline global tariff and up to 41% on non-trade partners, heightening trade tensions and prompting safe-haven flows into the greenback. Domestically, sentiment was weighed by the government’s plan to roll back recent tax cuts, raising doubts over its commitment to market reforms and efforts to address the Korea Discount. Meanwhile, July’s manufacturing PMI fell to 48.0 from 48.7 in June, marking a sixth straight month of contraction and signaling sharper deterioration in operating conditions as output and new orders declined. Firms also cited growing uncertainty from the US tariff risks. While exports rose a stronger-than-expected 5.9%, led by robust semiconductor demand, it was overshadowed by concerns over the broader industrial recovery.

基准韩国综合股价指数周五暴跌2.88%，至3150点左右，从多年高点回落，因为所有行业的广泛亏损和投资者的获利回吐在关税实施的第一天打压了市场情绪。主要拖累因素来自丰山公司（-15.36%）、斗山能源（-6.25%）、SK海力士（-6.03%）和KB金融集团（-4.06%）。韩国7月工厂活动连续第六个月收缩，增加了下行压力，标准普尔全球制造业采购经理人指数从6月的48.7降至48.0，因为产出和新订单都以更快的速度下降。另一方面，韩国7月份出口连续第二个月增长，出货量同比增长5.9%，达到608.2亿美元，半导体出口增长39.3%，汽车出货量增长8.8%，船舶出口激增107.6%。与此同时，进口小幅增长0.7%，至542.1亿美元，贸易顺差从6月份的90.8亿美元缩小至66.1亿美元。

The benchmark KOSPI plunged 2.88% to around 3,150 on Friday, pulling back from multi-year highs as broad-based losses across all sectors and profit-taking by investors weighed on sentiment following the first day of tariff imposition. Significant drags came from Poongsan Corporation (-15.36%), Doosan Enerbility (-6.25%), SK Hynix (-6.03%), and KB Financial Group (-4.06%). Adding to the downward pressure, South Korea's factory activity contracted for the sixth consecutive month in July, with the S&P Global Manufacturing PMI falling to 48.0 from 48.7 in June as both output and new orders fell at a sharper pace. On the flipside, South Korea's exports rose for the second straight month in July, as shipments climbed 5.9% year-on-year to $60.82 billion, while semiconductor exports jumped 39.3%, car shipments rose 8.8%, and ship exports surged 107.6%. Meanwhile, imports edged up 0.7% to $54.21 billion, narrowing the trade surplus to $6.61 billion from June's $9.08 billion.