Global TradFi & Macroeconomics

South Korean bond market participants called for reducing 30-year treasury bond issuance at a meeting held on the 19th, as yields surged to a record 4.750% on the 18th and insurance company demand collapsed. Insurance companies and pension funds purchased only 400 billion won of 30-year bonds

Bitcoin (BTC) continued its midweek rebound, trading at around $74,430 as of August 21. CFTC Chairman Michael Selig said that even if the CLARITY Act fails to pass, the crypto industry will still receive market structure rules. CME CEO Terrence Duffy, Selig, and a Kalshi executive engaged in a heated debate over prediction market regulation. Macro Events & Crypto Highlights Bloomberg reported that CFTC Chairman Michael Selig said the crypto industry will receive market structure rules even if Co

Palladium futures (main contract) rose 2.00% intraday to 322.65 yuan per gram on August 21.

According to Jin10 Futures, as of 09:30 Beijing time on August 21, New York gold futures rose 0.25%, silver futures climbed 0.68%, and copper futures gained 0.75%.

According to Jin10, as of 09:30 Beijing time on August 21, WTI crude oil futures gained 0.45%, while U.S. natural gas futures rose 1.10%.

South Korea's government bond issuance shows a 30-year bond proportion of 25.61% in the first half, significantly exceeding the 10-year bond proportion of 17.05%, according to bond industry data released August 21. This contrasts sharply with major economies where 10-year bonds dominate: the US

According to Yonhapinfomax, on August 21, South Korea's government is considering reducing issuance of ultra-long-term (30-year) government bonds beginning in September as insurance companies' purchasing demand collapsed. The 30-year bond yield hit a record high of 4.75% on August 18, up 150 basis p

According to the Korea Exchange, the KOSPI stood at 6,838.9 as of 10:04 a.m. on August 21, down 13.66 points or 0.20% from the previous trading day. After falling over 1% in early trading, the benchmark index recovered losses to trade near the 6,800 level. Semiconductor giants including Samsung

According to Korea Exchange, Kosdaq's program sell-order price halt (sidecar) was triggered on Aug 21 at 10:05 a.m. as the market declined sharply. Kosdaq 150 futures fell 89.60 points (6.06%) to 1,387.40, with the trading halt lasting five minutes. This marks the 32nd sidecar activation in 2026.

Tom Lee, founder and head of research at Fundstrat Global Advisors, stated ahead of Q4 that the US stock market uptrend will continue and recommended buying AI infrastructure beneficiaries while avoiding crypto-related stocks, according to CNBC on 20일(미국 현지 시각). Lee projected the S&P 500 could

Korean Air and Jeju Air are expected to see second-half financial improvements as the won-dollar exchange rate fell into the 1,300s on August 21, trading at 1,389.60 won per dollar as of 9 a.m. Seoul time. The rate decline reduces foreign currency debt burdens and dollar-denominated costs for fuel a

According to Tom Lee, head of Fundstrat Global Advisors, per CNBC on August 20, the S&P 500 is expected to reach 7,900–8,000 by end of August, implying 2.5–4% upside from recent levels. Lee projects accelerating upward momentum entering Q4 despite recent market consolidation from rising global

According to the People's Bank of China, today the central bank conducted 95 billion yuan in 7-day reverse repurchase operations at a fixed rate of 1.40%, with full subscription matched at 100%. The rate remains unchanged from previous operations.

South Korean Deputy Prime Minister and Finance Minister Koo Yun-chul affirmed on August 21 that the nation's external financial soundness remains solid despite a quarterly decline in net external financial assets. Speaking at a market monitoring meeting held at the Korea Federation of Banks in

Yonhap Infomax surveyed 21 domestic and foreign financial institutions on the 21st regarding the Bank of Korea's Monetary Policy Committee base rate decision next week, revealing sharply divided expert opinion. Of 21 respondents, 11 forecast the base rate will remain frozen at 2.75%, while 10

On August 21, 2026, China's interbank foreign exchange market fixed the yuan mid-rate at 6.7817 per U.S. dollar, down 9 pips indicating yuan depreciation. The euro moved to 7.8906 yuan, up 91 pips, while sterling strengthened to 9.2101 yuan, up 308 pips. The Japanese yen adjusted to 4.2516 yuan per

According to South Korea's Deputy Prime Minister Koo Yoon-cheol, the won-to-dollar exchange rate today (August 21) re-entered the 1,300 KRW level for the first time in 11 months, driven by record current account surplus and easing foreign investor stock rebalancing. Koo emphasized that while

According to Yonhapinfomax's survey of 21 financial institutions on August 21, South Korea's central bank faces divided forecasts ahead of next week's monetary policy decision. Eleven respondents predict the benchmark rate will hold at 2.75%, while ten expect a 25 basis point increase to

I. Headline Narrative: “Revalidation” of mRNA Vaccines Ignites a Biotech Revaluation Rally The biggest narrative in global markets this week was that the Phase III clinical trial of the mRNA melanoma vaccine jointly developed by Moderna and Merck reached its primary endpoint. When combined with Keytruda, the vaccine significantly reduced the risks of recurrence and metastasis. This marks the second major validation of the mRNA technology platform after COVID-19 vaccines, and its significance ext

Brent crude oil reached $92 per barrel today, up 0.32% in intraday trading.