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Citigroup Cuts UK Equities to Underweight
• Citigroup downgraded UK equities by two levels to underweight in its global asset allocation.
• The bank prefers US and Japanese equities, while keeping other European markets at neutral.
• The FTSE 100 has about 10% exposure to energy and nearly 35% to defensive sectors like healthcare and consumer staples.
• Citi says the UK market outperformed during the Iran-driven oil rally but has lagged since the US-Iran ceasefire announced on April 8 as geopolitical tensions eased.
• Citigroup downgraded UK equities by two levels to underweight in its global asset allocation.
• The bank prefers US and Japanese equities, while keeping other European markets at neutral.
• The FTSE 100 has about 10% exposure to energy and nearly 35% to defensive sectors like healthcare and consumer staples.
• Citi says the UK market outperformed during the Iran-driven oil rally but has lagged since the US-Iran ceasefire announced on April 8 as geopolitical tensions eased.
🚨 KOSPI Triggers Circuit Breaker as US-Iran Tensions Spark Selloff
KOSPI plunged below 7,000 intraday, triggering its 7th circuit breaker of 2026.
Renewed US-Iran geopolitical tensions fueled heavy foreign and institutional selling.
Foreign investors sold ₩2.23 trillion, institutions sold ~₩570 billion; retail investors bought ~₩2.7 trillion.
South Korea's National Pension Service stepped in, buying ~₩220 billion.
The market also triggered a morning sidecar and an afternoon circuit breaker. Total 2026 sidecar activations now stand at 35 (17 buy, 18 sell).
$SKHY $SAMSUNG
KOSPI plunged below 7,000 intraday, triggering its 7th circuit breaker of 2026.
Renewed US-Iran geopolitical tensions fueled heavy foreign and institutional selling.
Foreign investors sold ₩2.23 trillion, institutions sold ~₩570 billion; retail investors bought ~₩2.7 trillion.
South Korea's National Pension Service stepped in, buying ~₩220 billion.
The market also triggered a morning sidecar and an afternoon circuit breaker. Total 2026 sidecar activations now stand at 35 (17 buy, 18 sell).
$SKHY $SAMSUNG
🚨 South Korea's KOSPI dropped 9.07% intraday to 6,800 points. SK Hynix fell 14.5% and Samsung Electronics dropped 11%. The MSCI Asia Pacific index declined 2% to 265.92.
Vanke, a major Chinese property developer, seeks bond repayment extensions due to severe liquidity pressures, signaling sector jitters. Analysts suggest Beijing may not bail out the company, reflecting a policy shift and strained local government finances.
Korea Exchange (KRX) triggered the KOSPI circuit breaker after the index fell about 8%, halting trading for 20 minutes. South Korea's KOSPI is down 8%; SK Hynix is down 13% and Samsung Electronics is down 9%.
🚨 SK Hynix Slides in Seoul After Record $26.5B US Listing Rally
SK Hynix shares fell in Seoul on Monday despite its record $26.5 billion US listing making a strong Nasdaq debut.
The ADRs, priced at $149, surged nearly 13% in their first trading session as investors bet on AI-driven memory chip demand.
The blockbuster offering was more than 7x oversubscribed, marking the largest-ever US listing by a foreign company.
Seoul-listed shares retreated as investors booked profits following recent volatility in semiconductor stocks, even as optimism over AI-driven growth remained strong.
SK Hynix shares fell in Seoul on Monday despite its record $26.5 billion US listing making a strong Nasdaq debut.
The ADRs, priced at $149, surged nearly 13% in their first trading session as investors bet on AI-driven memory chip demand.
The blockbuster offering was more than 7x oversubscribed, marking the largest-ever US listing by a foreign company.
Seoul-listed shares retreated as investors booked profits following recent volatility in semiconductor stocks, even as optimism over AI-driven growth remained strong.
SK Hynix ADRs Seen Holding 30–35% Premium After Strong Nasdaq Debut
Periscope Analytics analyst Brian Freitas said SK Hynix's newly listed ADRs could command a 30–35% valuation premium in the near term before the gap narrows as passive buying remains limited.
SK Hynix raised $26.5 billion in its U.S. listing, marking one of the largest overseas equity offerings.
The ADRs surged nearly 13% in their Nasdaq debut on Friday.
Meanwhile, Seoul-listed SK Hynix shares fell about 10% in early Monday trading.
Periscope Analytics analyst Brian Freitas said SK Hynix's newly listed ADRs could command a 30–35% valuation premium in the near term before the gap narrows as passive buying remains limited.
SK Hynix raised $26.5 billion in its U.S. listing, marking one of the largest overseas equity offerings.
The ADRs surged nearly 13% in their Nasdaq debut on Friday.
Meanwhile, Seoul-listed SK Hynix shares fell about 10% in early Monday trading.
🚨AI Chip Boom Far From Over: South Korea Central Bank Sees No Semiconductor Slowdown
Bank of Korea says the global semiconductor market remains undersupplied despite booming AI demand.
Expects the AI-driven semiconductor "supercycle" to continue for the foreseeable future.
Says supply expansion has lagged the surge in AI infrastructure investment.
Rejects concerns that the chip cycle has peaked, adding there are no signs of a slowdown.
#SKHynixSharesFallInSeoulAfterUSDebut
Bank of Korea says the global semiconductor market remains undersupplied despite booming AI demand.
Expects the AI-driven semiconductor "supercycle" to continue for the foreseeable future.
Says supply expansion has lagged the surge in AI infrastructure investment.
Rejects concerns that the chip cycle has peaked, adding there are no signs of a slowdown.
#SKHynixSharesFallInSeoulAfterUSDebut
U.S. 2-year Treasury yield hit a 17-month high of 4.2393%. Federal funds futures price in about 39bps of rate hikes by December.
🚨 Global Diesel Supply Shock Sends Refining Margins to Record Highs
• Russia bans diesel exports through July 31, removing 583,000 bpd from global supply after Ukrainian drone strikes hit refining capacity.
• U.S. distillate inventories fell 5 million barrels to 103.6 million, far exceeding expectations, as outages at Marathon Petroleum and Monroe Energy refineries reduced output.
• U.S. 3-2-1 crack spread surged to a record $64.58/barrel, while European diesel margins topped $60/barrel, reflecting one of the tightest refined fuel markets in years.
• Russia's export ban, U.S. refinery outages, and low inventories have driven refining margins to record highs despite softer crude oil prices.
• Russia bans diesel exports through July 31, removing 583,000 bpd from global supply after Ukrainian drone strikes hit refining capacity.
• U.S. distillate inventories fell 5 million barrels to 103.6 million, far exceeding expectations, as outages at Marathon Petroleum and Monroe Energy refineries reduced output.
• U.S. 3-2-1 crack spread surged to a record $64.58/barrel, while European diesel margins topped $60/barrel, reflecting one of the tightest refined fuel markets in years.
• Russia's export ban, U.S. refinery outages, and low inventories have driven refining margins to record highs despite softer crude oil prices.
🚨 BREAKING: Iran Launches Strikes on U.S. Targets Across Middle East
• Iranian media says Iran has launched a series of strikes against U.S. targets in the Middle East.
• Qatar has raised its security threat level to high, urged residents to stay indoors, avoid non essential travel, and follow official safety instructions.
• Witnesses reported explosions in Doha, while emergency alerts were sent to mobile phones across Qatar.
• The UAE said its air defence systems are intercepting missiles and drones originating from Iran and are responding to ongoing missile threats.
• Iranian media says Iran has launched a series of strikes against U.S. targets in the Middle East.
• Qatar has raised its security threat level to high, urged residents to stay indoors, avoid non essential travel, and follow official safety instructions.
• Witnesses reported explosions in Doha, while emergency alerts were sent to mobile phones across Qatar.
• The UAE said its air defence systems are intercepting missiles and drones originating from Iran and are responding to ongoing missile threats.
$SKHY - SK Hynix Warns of Tight Memory Supply Through 2030
SK Hynix CEO Kwak Noh-jung said on July 10 (U.S. time) that 2027 is expected to be the tightest year for memory supply, with HBM prices potentially doubling by 2027.
He said customers are seeking long-term supply contracts as AI-driven demand continues to rise.
Despite capacity expansion plans, customer demand could still exceed SK Hynix's supply even after 2030.
A Korean investor said global memory firms are closely watching China's memory expansion, with CXMT and YMTC seen as the biggest long-term market variables.
SK Hynix CEO Kwak Noh-jung said on July 10 (U.S. time) that 2027 is expected to be the tightest year for memory supply, with HBM prices potentially doubling by 2027.
He said customers are seeking long-term supply contracts as AI-driven demand continues to rise.
Despite capacity expansion plans, customer demand could still exceed SK Hynix's supply even after 2030.
A Korean investor said global memory firms are closely watching China's memory expansion, with CXMT and YMTC seen as the biggest long-term market variables.
🚨 Global refining margins surge as fuel supply tightens
• Benchmark 3-2-1 crack spread jumped to nearly $62/barrel by Friday after hitting $58.18 earlier this week, about 3–6x normal levels.
• Supply tightened following disruptions in the Strait of Hormuz and outages at Russian refineries.
• Russia's largest Omsk refinery has remained offline since July 7 after a Ukrainian drone strike, worsening the country's fuel crunch, according to Reuters.
• UBS raised its price target on Marathon Petroleum to $321, citing stronger refining margins as the company's shares continued to rally.
• Benchmark 3-2-1 crack spread jumped to nearly $62/barrel by Friday after hitting $58.18 earlier this week, about 3–6x normal levels.
• Supply tightened following disruptions in the Strait of Hormuz and outages at Russian refineries.
• Russia's largest Omsk refinery has remained offline since July 7 after a Ukrainian drone strike, worsening the country's fuel crunch, according to Reuters.
• UBS raised its price target on Marathon Petroleum to $321, citing stronger refining margins as the company's shares continued to rally.
MPCUS+0,89%
TRUMP: "1,000 missiles are locked and loaded and aimed at Iran... Orders have already been given, and the U.S. Military is ready, willing, and able."
Проверено
SK Hynix debuted in the U.S. at $170 per ADR, up 14% from its $149 IPO price, and quickly rose to $174 in early trading.
Trading under the temporary ticker SKHYV, the ADR sale raised $26.51 billion, making it the largest equity offering by a non-U.S. company.
Chairman Choi Tae-won said the company may issue more U.S. ADRs if returns improve and the share price remains stable, while focusing on long-term value.
Choi also said AI-driven demand has significantly increased the need for memory chips, and SK Hynix plans to expand its investment in the United States.
SK Hynix and Samsung Electronics recently announced a combined 800 trillion won investment in new chip fabs to double South Korea's memory production capacity within five years.
#SKHynixToExpandADRIssuance $SKHY
Trading under the temporary ticker SKHYV, the ADR sale raised $26.51 billion, making it the largest equity offering by a non-U.S. company.
Chairman Choi Tae-won said the company may issue more U.S. ADRs if returns improve and the share price remains stable, while focusing on long-term value.
Choi also said AI-driven demand has significantly increased the need for memory chips, and SK Hynix plans to expand its investment in the United States.
SK Hynix and Samsung Electronics recently announced a combined 800 trillion won investment in new chip fabs to double South Korea's memory production capacity within five years.
#SKHynixToExpandADRIssuance $SKHY
🚨 India Gold Discounts Surge to $19/Oz; PBOC Extends Gold Buying to 20th Month
India: Gold dealers offered discounts of up to $19/oz over official prices (incl. 15% import duty + 3% GST), versus $5 premium to $7 discount last week, as retail demand weakened.
Price Move: Domestic gold traded near ₹1,44,800/10g on Friday after touching ₹1,48,069/10g last week; international spot gold fell to a 2-week low.
China: Gold traded at $1/oz discount to $5/oz premium; the PBOC increased gold reserves for the 20th straight month, with June seeing the largest monthly addition in over 2½ years.
Regional Markets: Hong Kong launched a gold central-clearing system; premiums/discounts stood at -$1 to +$1.70/oz in Hong Kong, -$1 to +$2/oz in Singapore, and -$0.40/oz in Japan.
India: Gold dealers offered discounts of up to $19/oz over official prices (incl. 15% import duty + 3% GST), versus $5 premium to $7 discount last week, as retail demand weakened.
Price Move: Domestic gold traded near ₹1,44,800/10g on Friday after touching ₹1,48,069/10g last week; international spot gold fell to a 2-week low.
China: Gold traded at $1/oz discount to $5/oz premium; the PBOC increased gold reserves for the 20th straight month, with June seeing the largest monthly addition in over 2½ years.
Regional Markets: Hong Kong launched a gold central-clearing system; premiums/discounts stood at -$1 to +$1.70/oz in Hong Kong, -$1 to +$2/oz in Singapore, and -$0.40/oz in Japan.
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