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BigBreakingWire
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🚨 BREAKING: Trump Prepares New Tariffs on Dozens of Countries
• FT reports President Donald Trump could impose new tariffs on dozens of countries as early as this week.
• The move comes ahead of the temporary 10% global tariff expiring on Friday.
• The administration is also pursuing investigations that could provide the legal basis for higher duties on selected trading partners.
Which countries do you think will be hit hardest by the next round of US tariffs?
• FT reports President Donald Trump could impose new tariffs on dozens of countries as early as this week.
• The move comes ahead of the temporary 10% global tariff expiring on Friday.
• The administration is also pursuing investigations that could provide the legal basis for higher duties on selected trading partners.
Which countries do you think will be hit hardest by the next round of US tariffs?
JP Morgan: Said the recent KOSPI collapse was driven primarily by forced deleveraging from leveraged ETFs, rather than deteriorating earnings or fundamentals.
The bank estimates leveraged ETF assets have fallen to about $26 billion, with around 75% of deleveraging already complete. Hedge fund long-short exposure has also dropped from over 5.5x to below 4x net assets, indicating more than half of hedge fund deleveraging is finished.
JP Morgan expects foreign net selling of Korean equities to exceed $110 billion this year, with around 90% concentrated in memory semiconductor stocks. Selling pressure should ease as the sector's index weight declines.
The bank maintains an Overweight rating on South Korea with a 12-month KOSPI target of 12,500 (Bull: 15,000; Bear: 8,000), citing resilient AI and data-center investment, improving earnings and governance, and no confirmed slowdown in storage demand.
The bank estimates leveraged ETF assets have fallen to about $26 billion, with around 75% of deleveraging already complete. Hedge fund long-short exposure has also dropped from over 5.5x to below 4x net assets, indicating more than half of hedge fund deleveraging is finished.
JP Morgan expects foreign net selling of Korean equities to exceed $110 billion this year, with around 90% concentrated in memory semiconductor stocks. Selling pressure should ease as the sector's index weight declines.
The bank maintains an Overweight rating on South Korea with a 12-month KOSPI target of 12,500 (Bull: 15,000; Bear: 8,000), citing resilient AI and data-center investment, improving earnings and governance, and no confirmed slowdown in storage demand.
EWYETF+2.96%
🚨 Foreign Investors Accelerate Exit From China Property
• KKR is marketing 9 China properties, while AEW Capital is selling office assets in Beijing and Shanghai, Bloomberg reported.
• Sale proceeds are expected to barely cover bank debt, potentially wiping out 40%-50% equity invested.
• The exits come after 31 straight months of year-over-year declines in China's home prices.
Do you think China's property market is close to a recovery, or will the downturn continue?
• KKR is marketing 9 China properties, while AEW Capital is selling office assets in Beijing and Shanghai, Bloomberg reported.
• Sale proceeds are expected to barely cover bank debt, potentially wiping out 40%-50% equity invested.
• The exits come after 31 straight months of year-over-year declines in China's home prices.
Do you think China's property market is close to a recovery, or will the downturn continue?
KKRUS+0.94%
JP Morgan reiterates its Overweight rating on South Korea and maintains its 12-month KOSPI target at 12,500.
South Korea: The Korea Exchange triggered a program trading curb on the KOSPI after the benchmark surged 4.00% intraday to 6,777.32. Samsung Electronics jumped 6.4%, while SK Hynix gained 4.7% amid the rally.
🚨 Big Tech's Hidden AI Commitments Hit $1.65 Trillion
• Nikkei reports Alphabet, Microsoft, Amazon, Meta, and Oracle hold $1.65 trillion in off-balance-sheet AI infrastructure commitments.
• The obligations include long-term GPU purchases and data center leases, disclosed only in financial statement footnotes under GAAP.
• These off-balance-sheet commitments have surged 8x in four years, now exceeding the companies' reported debt.
• Analysts warn the hidden liabilities could trigger liquidity pressures if AI demand falls short of the aggressive growth assumptions behind the spending.
Do you think Big Tech's AI investment boom is sustainable, or are hidden liabilities becoming a major risk?
• Nikkei reports Alphabet, Microsoft, Amazon, Meta, and Oracle hold $1.65 trillion in off-balance-sheet AI infrastructure commitments.
• The obligations include long-term GPU purchases and data center leases, disclosed only in financial statement footnotes under GAAP.
• These off-balance-sheet commitments have surged 8x in four years, now exceeding the companies' reported debt.
• Analysts warn the hidden liabilities could trigger liquidity pressures if AI demand falls short of the aggressive growth assumptions behind the spending.
Do you think Big Tech's AI investment boom is sustainable, or are hidden liabilities becoming a major risk?
🚨 Global Refining Crisis Deepens, Oil Surges Above $90 👀
Around 5 million barrels/day of global refining capacity is offline, according to Reuters.
Russia's largest Omsk refinery was shut after Ukrainian drone strikes; a major petrochemical complex was also hit.
Renewed Middle East fighting is delaying refinery restarts as U.S. strikes on Iran entered a ninth day.
Crude oil topped $90/barrel, while fuel crack spreads hit record highs and the IEA said normalization requires a lasting peace deal.
Around 5 million barrels/day of global refining capacity is offline, according to Reuters.
Russia's largest Omsk refinery was shut after Ukrainian drone strikes; a major petrochemical complex was also hit.
Renewed Middle East fighting is delaying refinery restarts as U.S. strikes on Iran entered a ninth day.
Crude oil topped $90/barrel, while fuel crack spreads hit record highs and the IEA said normalization requires a lasting peace deal.
US Chip Stocks: Semiconductor stocks rebounded overnight, with a semiconductor ETF up about 1.3%, while NVIDIA, AMD and Micron gained. The Nasdaq traded near unchanged.
Earlier selling pressure and leverage-driven rebalancing eased temporarily, offering short-term relief to Korean and broader East Asian memory and semiconductor equipment stocks.
Markets now await earnings from Alphabet, Tesla and Intel, which are expected to test AI demand, capital spending plans and corporate earnings.
The sustainability of the rebound will depend on whether results justify elevated AI-driven market expectations.
Earlier selling pressure and leverage-driven rebalancing eased temporarily, offering short-term relief to Korean and broader East Asian memory and semiconductor equipment stocks.
Markets now await earnings from Alphabet, Tesla and Intel, which are expected to test AI demand, capital spending plans and corporate earnings.
The sustainability of the rebound will depend on whether results justify elevated AI-driven market expectations.
Russia’s gold reserves fell for a 6th consecutive month in June.
Holdings down 0.4% to 2,282.995 tonnes
Value dropped 8.25% to $298.99B
Gold’s share of reserves slipped to 41.5% from 43.6%
Still, on a yearly basis:
Gold holdings value is up 66.85% YoY
Gold’s share of reserves rose from 32.13% to 43.26%
Takeaway: Short-term decline, but gold remains a key reserve asset for Russia.
#GOLD
Holdings down 0.4% to 2,282.995 tonnes
Value dropped 8.25% to $298.99B
Gold’s share of reserves slipped to 41.5% from 43.6%
Still, on a yearly basis:
Gold holdings value is up 66.85% YoY
Gold’s share of reserves rose from 32.13% to 43.26%
Takeaway: Short-term decline, but gold remains a key reserve asset for Russia.
#GOLD
U.S. spot Bitcoin ETFs recorded $75.67 million in net inflows last week.
BlackRock's iShares Bitcoin Trust (IBIT) accounted for $204 million in net inflows, dominating investor demand.
The week's flows were heavily concentrated in IBIT, rather than being broadly distributed across multiple spot Bitcoin ETF issuers.
The figures represent net subscriptions minus redemptions across the entire U.S. spot Bitcoin ETF market.
BlackRock's iShares Bitcoin Trust (IBIT) accounted for $204 million in net inflows, dominating investor demand.
The week's flows were heavily concentrated in IBIT, rather than being broadly distributed across multiple spot Bitcoin ETF issuers.
The figures represent net subscriptions minus redemptions across the entire U.S. spot Bitcoin ETF market.
BTC+2.82%
IBITETF+2.12%
🚨 South Korean retail investors suffered heavy losses after a sharp reversal in AI-driven leveraged bets through single-stock ETFs linked to Samsung Electronics and SK Hynix.
KB Financial Group data show domestic retail investors bought KRW14 trillion ($9.4 billion) of these ETFs since their May 27 launch, compared with about KRW2 trillion in net buying by foreign investors.
LSEG data show the KODEX 2x SK Hynix Leveraged ETF has fallen about 70% from its June peak and roughly 50% since launch, highlighting the risks of concentrated leveraged exposure to AI chip stocks.
$SKHY $SAMSUNG
KB Financial Group data show domestic retail investors bought KRW14 trillion ($9.4 billion) of these ETFs since their May 27 launch, compared with about KRW2 trillion in net buying by foreign investors.
LSEG data show the KODEX 2x SK Hynix Leveraged ETF has fallen about 70% from its June peak and roughly 50% since launch, highlighting the risks of concentrated leveraged exposure to AI chip stocks.
$SKHY $SAMSUNG
🇰🇷 South Korea's KOSPI plunged 5% on Monday as investors unwound leveraged AI-related positions, extending its four-week losing streak.
The index is now 28% below its record high of June 22, reflecting growing concerns over excessive reliance on leveraged bets in AI chip stocks.
The sell-off has renewed downside pressure on South Korea, a key barometer of the global AI trade.
Citigroup downgraded South Korean equities from Overweight to Neutral in its allocation model due to persistent volatility, while maintaining a KOSPI target of 10,000.
The index is now 28% below its record high of June 22, reflecting growing concerns over excessive reliance on leveraged bets in AI chip stocks.
The sell-off has renewed downside pressure on South Korea, a key barometer of the global AI trade.
Citigroup downgraded South Korean equities from Overweight to Neutral in its allocation model due to persistent volatility, while maintaining a KOSPI target of 10,000.
🚨 Citi Downgrades South Korea Stocks to Neutral Amid AI Volatility
Citigroup cuts South Korean equities to Neutral from Overweight.
Move driven by extreme volatility in chip stocks and reduced exposure to AI-themed trades.
Retail-driven leveraged ETF activity and rich valuations fueled sharp swings in the KOSPI.
Citi says it remains long-term bullish on AI, but has turned more cautious on Korea in the near term.
#KospiFallsOnTechSelloff
Citigroup cuts South Korean equities to Neutral from Overweight.
Move driven by extreme volatility in chip stocks and reduced exposure to AI-themed trades.
Retail-driven leveraged ETF activity and rich valuations fueled sharp swings in the KOSPI.
Citi says it remains long-term bullish on AI, but has turned more cautious on Korea in the near term.
#KospiFallsOnTechSelloff
Korea Exchange activated the KOSDAQ sidecar mechanism, suspending algorithmic trading for 5 minutes. The KOSPI index fell over 4%, with SK Hynix and Samsung Electronics both dropping 4.4%.
#KospiFallsOnTechSelloff
#KospiFallsOnTechSelloff
South Korea will allow foreign financial institutions to borrow Korean won through temporary overdrafts and use won-denominated bonds as collateral in financial transactions.
The measures are part of a broader plan to boost the global use of the won and reduce its reliance as a primarily domestic currency.
The initiative follows Seoul's extension of USD/KRW trading to 24 hours from July 6, signaling further liberalization of the country's foreign exchange market.
The measures are part of a broader plan to boost the global use of the won and reduce its reliance as a primarily domestic currency.
The initiative follows Seoul's extension of USD/KRW trading to 24 hours from July 6, signaling further liberalization of the country's foreign exchange market.
Binance will launch the SPCXUSD1 perpetual futures contract on July 20 at 09:00 UTC, offering up to 25x leverage.
The contract is tied to SpaceX shares and will be settled in USD1, the stablecoin associated with World Liberty Financial.
USD1 is backed by U.S. Treasuries and has a market capitalization of around $4.2 billion.
SpaceX shares have fallen sharply since their June launch, dropping below the $150 opening price to a record low in early July.
The contract is tied to SpaceX shares and will be settled in USD1, the stablecoin associated with World Liberty Financial.
USD1 is backed by U.S. Treasuries and has a market capitalization of around $4.2 billion.
SpaceX shares have fallen sharply since their June launch, dropping below the $150 opening price to a record low in early July.
Senator Elizabeth Warren urged President Donald Trump to disclose his crypto-related income for Jan. 1–July 15, 2026, with a July 23 deadline.
The request comes ahead of the Senate's vote on the CLARITY Act, a key bill aimed at establishing a regulatory framework for digital assets.
Trump's 2025 financial disclosure reported over $1.4 billion in crypto-related income, mainly from the Official Trump (TRUMP) memecoin and World Liberty Financial.
Warren said the disclosure would help address concerns over potential conflicts of interest as lawmakers consider major crypto legislation.
The request comes ahead of the Senate's vote on the CLARITY Act, a key bill aimed at establishing a regulatory framework for digital assets.
Trump's 2025 financial disclosure reported over $1.4 billion in crypto-related income, mainly from the Official Trump (TRUMP) memecoin and World Liberty Financial.
Warren said the disclosure would help address concerns over potential conflicts of interest as lawmakers consider major crypto legislation.
$XRP XRP is trading near $1.08, holding above the $1.03–$1.05 support zone but below the 50-day SMA at $1.135.
The technical setup remains bearish, with XRP trading below all three major moving averages and forming a series of lower highs.
Open interest and Binance's estimated leverage ratio have declined, indicating traders are reducing leveraged exposure and adopting a more cautious stance.
The technical setup remains bearish, with XRP trading below all three major moving averages and forming a series of lower highs.
Open interest and Binance's estimated leverage ratio have declined, indicating traders are reducing leveraged exposure and adopting a more cautious stance.
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