South Korea’s Kospi falls 8.1% on earnings miss while Iran’s missile launch sends WTI crude up $3.10 to $82.36.
South Korea’s Kospi index plunged 8.1% after SK Hynix reported weaker-than-expected revenues, despite upbeat demand commentary extending to 2027. The decline deepened despite government assurances of market stabilization efforts, pushing the index to session lows.
Oil prices surged after Iran launched ballistic missiles toward a U.S. base in Jordan, reversing Tuesday’s losses. WTI crude rose $3.10 to $82.36, while U.S. 10-year yields climbed 1.2 bps to 4.62%. The attack, which the U.S. called a surprise, heightened geopolitical tensions.
In FX, the Australian dollar weakened following softer-than-expected June CPI data at 3.8% y/y, dashing hopes for an August rate hike. The Swiss franc led gains, while the U.S. dollar lagged. S&P 500 futures edged down 0.1% ahead of the Fed decision.