Global TradFi & Macroeconomics

On July 22, global investment banks offered divergent outlooks on South Korea's recent stock market decline. JPMorgan maintained its overweight stance, noting that leverage unwinding has progressed substantially and the selloff reflects forced deleveraging rather than deteriorating corporate

JPMorgan Chase raised its HSBC Holdings (00005) price target by nearly 10 percent to HK$200 from HK$182, maintaining a "buy" rating. The firm also lifted its earnings-per-share forecasts for HSBC for 2026-2028 by around 2 percent, driven by stronger net interest income in banking operations. JPMorga

According to Korea Depository Trust & Clear, listed companies in South Korea completed or pursued 75 M&A deals in the first half of 2026, down 2.6% compared to the same period last year. Among these, KOSPI-listed companies accounted for 22 deals, while KOSDAQ-listed companies represented 53 deals.

According to SoSoValue data cited by ChainCatcher, Ethereum spot ETFs saw net inflows of $37.471 million yesterday (July 21), marking the third consecutive day of inflows. BlackRock's ETHA led the group with single-day inflows of $52.792 million, bringing its cumulative net inflows to $11.401

Cathay Pacific expects to record consolidated shareholder profit of approximately HK$60 billion to HK$65 billion for the first half ending June, including about HK$14 billion in deemed disposal gains from the dilution of its stake in Air China. The Hong Kong-based airline reported shareholder profit

According to Yonhap Infomax, on July 22, the Korean won strengthened against the U.S. dollar to 1,481.10 won, up 7.7 won from the previous close, but further gains were capped by active currency-selling from exporters and close monitoring by authorities. The won climbed to 1,482.20 won earlier in th

Cathay Pacific Airways forecasted H1 2026 net profit attributable to shareholders of 5-6.5 billion Hong Kong dollars, compared to 3.7 billion HKD in the same period last year. The forecast includes approximately 1.4 billion HKD in gains from dilution of the group's stake in Air China. In June, the

According to Kenanga Investment Bank economists in a report on July 22, Malaysia's economic outlook is not expected to change significantly if the proposed U.S. 301 tariffs are implemented. The new 10% tariff will replace, rather than stack on top of, temporary tariffs under Section 122, keeping the

Several key economic indicators and corporate earnings are scheduled for July 22 (Beijing Time). UK June CPI data releases at 14:00, followed by Indonesia's central bank interest rate decision at 15:20. The European Central Bank will announce its interest rate decision at 20:15, including the main r

On July 22 at 12:30 p.m., South Korea's KOSPI index (benchmark equity index) gained 352.52 points, or 5.22%, to 7,100.47, driven by foreign investor buying. Foreign investors purchased a net 1.948 trillion Korean won, while individual investors

Hong Kong stocks extended losses at midday, with the Hang Seng Index falling 208 points to close the morning session at 24,923, down 0.83%. The index dropped below the 25,000 level at market open and saw selling

State Street Chief Economist Simona Mocuta released a report on July 21 (local time) stating the Federal Reserve does not need to raise interest rates this year based on housing and labor market conditions. Mocuta explained that while housing and labor markets send different signals about Fed

According to Barron's, Micron Technology (MU-US) and SK Hynix ADR stocks surged on Tuesday, July 21, ahead of Alphabet's (GOOGL-US) earnings announcement on Wednesday. Micron closed up 12.2% to $970.82, with its market value recovering above $1 trillion. SK Hynix ADR gained 13.8% to $171.94. The

According to Simona Mokuta, chief economist at State Street, on July 21, the U.S. Federal Reserve has no need to raise rates this year given conditions in the housing and labor markets. The June unemployment rate stood at 4.2%, matching the Federal Reserve's estimated non-accelerating inflation rate

According to Reuters, Wistron, a Taiwanese electronics manufacturer and Nvidia supplier, opened a $700 million plant in Fort Worth, Texas, on July 21, to build Nvidia's GB300 Grace Blackwell supercomputers. The company said production was expected to scale this year to tens of thousands of

According to Yonhapinfomax, South Korea's benchmark interbank rates moved on July 22. The 1-month Koribor rate rose 0.01% to 2.81%, while the 3-month rate fell 0.01% to 2.99%. The 12-month rate declined 0.01% to 3.71%.

Hyundai Motor Company earned 186 trillion won in record-level earnings, yet its stock price remains stagnant due to inefficient capital allocation, according to analysis by THE COMPASS. The automaker's capital is tied up in unrelated equity holdings and real estate assets, hindering corporate

According to data from the Korea Financial Investment Association, as of July 21, South Korean retail investors' CFD (contract for difference) positions surged to approximately 3.3 trillion won (about 2.2 billion USD), up nearly 67% compared to one year ago. SK Hynix and Samsung Electronics

The U.S. Dollar Index is trading at 101.14 today, down 0.07% intraday.

According to researcher Go Young-min from Daol Investment Securities, Big Tech companies' data center investment competition is expected to continue. On July 22, he noted that if major tech firms' earnings reports in late July and August confirm expanded capex plans, semiconductor stock sentiment co