KOSPI Black Monday crash to 7484 WWDC new Siri, Han Sung-suk PM nominee

The New York Knicks lead the San Antonio Spurs 2-0, winning Game 1 105-95 and Game 2 105-104. In Game 3 at Madison Square Garden on June 9 KST, they aim for a first title in 51 years and a 3-0 sweep.

A magnitude 7.8 earthquake struck off Sarangani in the Philippines at 7:37 a.m. on June 8. Landslides killed at least 32 and injured over 200. A tsunami of up to 1.4m hit the coast, and President Marcos ordered school closures.

President Xi Jinping made a state visit to Pyongyang on June 8, his first in 7 years, holding a summit with Kim Jong Un amid a 21-gun salute. In his first overseas trip of 2026, he affirmed deepened 'strategic cooperation' and expanded trade.

The 2026 FIFA World Cup opens June 11 at Azteca Stadium in Mexico City with Mexico vs. South Africa. Shakira and Burna Boy will perform the official anthem 90 minutes before kickoff, with stars like Maluma and Balvin on stage.

The US-Israel-Iran war reached day 100 on June 8. Deaths include 3,593 in Lebanon and 3,468 in Iran. Israel and Iran exchanged attacks on the 8th, straining the April ceasefire, prompting Trump to intervene.

In the second week of May, the national average gas price rose for a sixth straight week to 2,011.2 won per liter. Diesel also climbed to 2,005.4 won, and Seoul logged the nation's highest at an average 2,051 won.

May's consumer price index hit 119.92, up 3.1% year-over-year and the highest in 26 months since March 2024. Oil prices surged 24.2%, driving inflation, while processed foods rose 2.1%.

Household loans at the five major banks rose about 3 trillion won in May to 770.27 trillion won, the largest gain since last August. Credit loans surged 2.65 trillion won amid the KOSPI boom, driving leveraged-investment demand.

As apartment jeonse grew scarce, tenants shifted to villas, pushing Seoul row-house jeonse up 0.44% in April, the most in 12 years and 7 months. The 1.34% gain from January to April was the highest in 15 years.

Four ramen makers including Nongshim, Ottogi, Samyang, and Paldo cut factory prices on 41 products by 40-100 won. Samyang Ramen's 14.6% average cut was the largest, and six firms including CJ CheilJedang lowered cooking oil prices by up to 6%.

India's central bank unanimously held the repo rate at 5.25% on June 5, a third straight hold. As the rupee slid to a record near 95 per dollar, it defended the currency by easing foreign investment rules rather than hiking rates.

On June 8, Bank Indonesia said May foreign reserves fell 1.3 billion dollars to 144.9 billion, the lowest since June 2024. With the rupiah at a record 18,170 per dollar, it intensified intervention atop its surprise 50bp May hike.

South Africa's central bank raised the repo rate 25bp to 7.0% on May 28, its first hike since 2023. Four of six members backed it, wary of second-round effects from Middle East-driven oil and food gains and rand weakness.

Brazil's Selic rate is 14.50% after a unanimous 25bp cut on April 29. Markets price an 80% chance of a further cut at the June 17 Copom meeting, though Copom turned hawkish, raising its 2026 inflation forecast to 4.6%.

Mexico's central bank cut 25bp to 6.50% on May 7, the lowest since April 2022, signaling the end of the easing cycle begun in 2024. Citing a Q1 contraction and slowing inflation, it flagged future holds.

May nonfarm payrolls rose 172,000, more than double the 85,000 consensus. Unemployment held at 4.3% and average hourly earnings rose 3.4% year-over-year. The odds of a December Fed hike jumped from 50% to around 70%.

On the strong May jobs data, the US 10-year Treasury yield rose to a two-week high of about 4.57% on June 8. The 30-year hit 5.01%. Markets expect the Warsh-led Fed to hold at the June 16-17 meeting.

Markets price a 99% chance the ECB raises 25bp on June 11, lifting the deposit rate from 2.0% to 2.25%. With Iran-war energy shocks pushing April eurozone inflation to 3%, the preemptive hike addresses de-anchoring risks.

Per Bloomberg, the Bank of Japan is expected to discuss raising its policy rate from 0.75% to 1.0% at its meeting ending June 16. Citing low real rates and persistent upside inflation risk, it left room for a further 2026 hike.

On June 8, the won-dollar rate rose intraday to 1,561.5, the highest since March 2009, before closing at 1,535.0 on official intervention. The BOK held at 2.5% in May for an eighth straight time, with the July 16 meeting a pivot.

On June 8, KOSPI closed down 676.18 points (8.29%) at 7,484.41, triggering this year's third circuit breaker. KOSDAQ also plunged 9.08% to 911.39. Rate-hike fears from strong US jobs and chip-peak worries combined.

On June 8, Samsung Electronics fell 10.18% to 295,500 won and SK Hynix dropped 7.68% to 1,911,000 won. The weekend US chip selloff turned into heavy selling of large caps, with foreigners net selling 374.9 billion won on the KOSPI.

On June 8, the won-dollar rate rose intraday to 1,561.5, a high since March 2009, but pared gains on official intervention to close down 4.1 won at 1,535.0. The government convened an emergency review meeting.

On June 8, the Nikkei 225 closed down 2,563.52 yen (3.85%) at 64,024.60, breaking below 65,000 for the first time since May 28. US chip-stock losses and Middle East uncertainty drove a broad Asian selloff.

On June 8 (local), US stocks rebounded on hopes of easing Middle East tensions, with the Nasdaq up 1.44%, S&P 500 up 0.93%, and Dow up 0.58%. Nvidia rose about 2% and Micron and Marvell jumped over 4%. June 10 CPI is the next variable.

Intel shares surged 12% on June 8 on reports that Google will give it foundry orders for over 3 million TPUs in 2028. With TSMC capacity stretched, Nvidia is also reportedly testing Intel's foundry.

Corning shares jumped about 9-10% on June 8 to the 194-dollar range. Amazon signed a multi-year deal to invest billions in optical fiber for US AI data centers, its third hyperscaler agreement after Meta and Nvidia.

Marvell Technology surged 10.4% intraday on June 8 on news it will join the S&P 500 on June 22, replacing Campbell and Pool. Its year-to-date gain is 210%, and Jensen Huang named it a 'next trillion-dollar company' candidate.

Micron plunged 13.25% on June 5, the worst performer in the S&P 500. After an 8% drop on June 4, about a fifth of its market cap evaporated in two days. Broadcom's AI guidance disappointment and memory-demand worries triggered selling.

Broadcom fell about 13-15% on June 4 to close at 418.91 dollars. Despite strong results with quarterly revenue of 22.2 billion dollars (up 48%) and AI chips of 10.8 billion (up 143%), it disappointed by not raising its 100-billion-dollar annual AI target.

On June 8, Apple unveiled a Siri rebuilt on a Google Gemini 1.2-trillion-parameter model. It supports multi-step tasks, conversation memory, and a standalone Siri app, using a three-tier routing of on-device, Private Cloud, and Gemini.

Apple unveiled iOS 27 and macOS 'Golden Gate' betas. Liquid Glass adds a slider to adjust from ultra-transparent to fully tinted, plus 70% faster photo loading, 80% faster AirDrop, and AI photo-editing features.

At WWDC 2026, Apple unveiled a developer preview of homeOS, a new OS for a HomePad with a 7-inch display and A18 chip. It can run FaceTime without an iPhone and teased a home hardware lineup launching this fall.

On June 5 in Seoul, Jensen Huang confirmed HBM4 certification for Samsung, SK Hynix, and Micron. Vera Rubin, whose mass production was announced June 1 at GTC Taipei, ships in Q3 and offers 10x the throughput of Grace Blackwell.

Google's Gemini 3.5 Pro, teased at I/O 2026, is nearing its June launch. It features a 2-million-token context and Deep Think reasoning but remained unreleased in early June, with pricing expected around 15 dollars per million input tokens.

SpaceX began its IPO roadshow on June 4, offering 556.6 million shares at 135 dollars each. The 75-billion-dollar raise at a 1.75-trillion-dollar valuation is the largest IPO ever. Pricing is set for June 11 and a Nasdaq listing under SPCX for June 12.

Cognition, maker of Devin, raised 1 billion dollars, more than doubling its valuation from 10.2 billion in September to 26 billion. Lux and General Catalyst co-led, and its revenue run-rate jumped from 37 million to 492 million in a year.

Open-source database startup Supabase raised 500 million dollars led by GIC, doubling its valuation to 10.5 billion in eight months. With the AI-agent vibe-coding boom lifting database demand 600% year-over-year, cumulative funding topped 1 billion.

Orbital mobility startup Impulse Space raised a 500-million-dollar Series D on June 2 at a 4.26-billion valuation, led by 137 Ventures. A follow-on within a year, it pushed cumulative funding past 1 billion and doubled staff to 500.

AI market-intelligence platform AlphaSense raised 350 million dollars on June 3, nearly doubling its valuation from 4 billion to 7.5 billion. Led by Vitruvian and JPMorgan, its ARR topped 600 million and it added Accenture as a first strategic channel partner.

On June 8, BTC recovered to around 63,500 dollars, up 3% in 24 hours, rebounding from a weekend low near 59,000. Ether also rose 4% to near 1,700. Analysts called it 'a relief bounce near long-term support with no confirmed trend reversal.'

From May 15 to June 3, US spot Bitcoin ETFs posted a record 13-day outflow streak of about 4.4 billion dollars. BlackRock's IBIT accounted for 3.3 billion, or 75%. A small net inflow on June 4 halted the streak.

Ahead of the July 1 end of the MiCA transition, only about 210 of over 1,200 existing EU VASPs (17%) have converted to full CASP authorization. With only about 14 authorized trading platforms, over 80% face being forced out of the EU market.

BitGo CEO Mike Belshe warned that if major USD issuers fail to meet requirements before the July 1 MiCA deadline, a 'massive stablecoin crisis' could follow, as unauthorized USDT liquidity is forced into thin regulated pools.

On-chain RWA tokenization, excluding stablecoins, topped 32 billion dollars in May, up over 200% in a year. US Treasuries are the largest at about 45% (8.7 billion), and BlackRock's BUIDL grew to 2.4 billion, filing for new funds with the SEC.

Per ADA 2026, Lilly's triple agonist retatrutide in the TRIUMPH-1 Phase 3 trial achieved 28.3% average weight loss at week 80 in the 12mg arm, and 30.3% (about 38.6kg) at week 104 for BMI 35+, a new obesity-drug record.

In the REDEFINE 4 head-to-head trial unveiled at ADA 2026, Novo's CagriSema 2.4mg posted 23% weight loss at week 84 but failed its primary endpoint of non-inferiority versus tirzepatide 15mg. A US FDA decision is expected by year-end.

The Bundibugyo Ebola outbreak, declared a PHEIC by the WHO on May 17, persisted into June, reaching 381 cases and 64 deaths in the DRC and 19 cases and 2 deaths in Uganda per a June 4 tally. No vaccine or treatment exists for this strain.

Per the CDC, US measles cases in 2026 topped 2,030 as of June 4, with 30 new outbreaks reported. 92% of patients were unvaccinated and 6% hospitalized. A November PAHO review is likely to revoke the elimination status earned in 2000.

Per Phase 2 results of Novo's zenagamtide (amycretin) at ADA 2026, the top dose achieved 14.6% weight loss and a 1.71-point A1C improvement at week 36 in 262 type 2 diabetes patients. The company plans to begin Phase 3 in the second half.

Director Yeon Sang-ho's disaster thriller 'Gunche,' starring Jun Ji-hyun, held No. 1 for an 18th straight day as of June 8, reaching 4.727 million admissions. Adding about 600,000 on June 5-7, it is set to top 5 million early next week.

Action drama 'Hierarchy of Discipline,' based on a school-violence webtoon, hit No. 3 on Netflix's global chart two days after release. It topped 25 countries including Bahrain, India, and the Philippines, and entered the top 10 in 86 countries.

At the 79th Tony Awards on June 7, 'Schmigadoon!' won Best Musical. The top nominees with 12 each, 'Schmigadoon!' and 'The Lost Boys,' each took four awards, and Cinco Paul also won book and score.

R-rated parody reboot 'Scary Movie' opened at No. 1 with 55 million dollars in North America on June 8, a franchise-best opening. Adding 50.5 million overseas, it started with 105.55 million worldwide, beating 'Masters of the Universe.'

BOYNEXTDOOR released their first full album 'HOME' on June 8, returning with the title track 'Viral.' First-week (initial) sales hit 750,000 copies, up 43% from their prior release, setting a new personal best.

Maria Grazia Chiuri, who left Dior, returns to Fendi where she began her career in 1989. LVMH confirmed her as chief creative officer, with her debut Fendi FW26-27 collection set for Milan in February 2026.

CFDA and Vogue unveiled 10 finalists for the 2026 Fashion Fund. A first judging presentation is held June 10, and the winner receives a 300,000-dollar prize, with the final decided at the October 20 gala.

Prada Group finalized its 1.25-billion-euro acquisition of Versace. Lowering Versace's outlet dependence after seven lackluster years under Capri and restoring its premium status emerge as the core challenges.

Matthieu Blazy unveiled his debut Cruise collection at the Casino Municipal in Biarritz, where Coco Chanel opened her first couture house in 1915. The fantastical show fused mermaids, Basque stripes, and 1920s marine looks.

Weak Q1 results from LVMH, Kering, and Hermes poured cold water on this year's luxury-recovery hopes. Optimism that began with new designers and China-recovery hopes weakened as the Middle East war broke out.

In Seoul, the top battleground of the June 3 local elections, Oh Se-hoon won 49.22% (2,575,819 votes), beating Chung Won-oh's 48.07% by 1.15 points for a first-ever fifth term. The Democratic Party took 12 of 16 metro seats, the PPP 4.

On June 7, President Lee Jae-myung nominated SMEs and Startups Minister Han Sung-suk as the next prime minister. A former Naver CEO, she would be the first female PM in 19 years since Han Myeong-sook, picked as an 'AI transition' fit.

On June 8 at the Yeongbingwan, President Lee held a first-anniversary press conference before about 160 domestic and foreign reporters, saying 'withdrawing indictments should follow law and common sense' and leaving prosecutorial supplementary-investigation rights to the National Assembly.

After losing four metro seats in the June 3 elections, calls for PPP leader Jang Dong-hyuk to resign erupted openly. A TK veteran said '70-80% favor resignation,' but Jang refused and countered with full re-election, an inquiry, and a special counsel targeting the election commission.

President Xi Jinping arrived at Pyongyang's Sunan airport on June 8 for a two-day state visit, holding a summit with Kim Jong Un. The first in 7 years since 2019, the two reached 'important agreements' including stronger high-level exchanges.

On June 8, Brent closed up 1.25% at 94.25 dollars a barrel and WTI up 0.84% at 91.30. Brent topped 97 intraday on the Iran-Israel missile exchange before easing on Iran's declaration that operations had ended.

Seven OPEC+ countries agreed on June 7 to raise output by 188,000 barrels a day in July, with Saudi Arabia and Russia each contributing 62,000. It is the fourth quota hike since the Hormuz closure but is effectively symbolic amid blocked exports.

Per the IEA, cumulative supply losses from Middle East producers have topped 1 billion barrels, with over 14 million barrels a day shut in. The near-total closure of the Strait of Hormuz erased 20% of global oil supply, the largest-ever shock.

On June 2, Northeast Asian LNG spot prices closed at 18.20 dollars/MMBtu and recently rose to 18.75. That is about 70% above the pre-crisis January average of 10.50, as the Hormuz closure removed 20% of global LNG supply.

Due to the Hormuz closure, US diesel and jet fuel prices soared 58% and 106% year-over-year, while gasoline rose 42%. As the Middle East supplies 10% of seaborne diesel and 20% of jet fuel, middle distillates were hit harder than gasoline.

Per Challenger's May report, US employers cut 97,006 jobs, up 16% from April and the most since 2020. AI was the top cause for a third straight month at 38,579 (40%), with cumulative AI cuts this year reaching 87,714.

In the US Labor Department's May jobs report, nonfarm payrolls rose 172,000, well above the 80,000 forecast. But unemployment held at 4.3% and gains were concentrated in leisure and hospitality, local government, and healthcare, sustaining 'frozen' labor-market worries.

Cumulative US tech-sector layoffs in 2026 reached 149,935, nearing 150,000. Uber cut its HR division just after AI exhausted its coding budget, and Big Tech firms like GitLab (350, 14%) trimmed staff to fund 700 billion dollars in AI infrastructure.

In Statistics Korea's April data, the youth (15-29) employment rate fell 1.6 points to 43.7%, down for a 24th straight month, the longest slump since the 2009 financial crisis. Youth employed fell by 194,000, a 42nd straight month of decline.

In a Resume.org survey of 1,000 US recruiters, 21% of firms have already frozen entry-level hiring due to AI, and 36% plan to halt it by year-end. Entry-level postings fell 30% from 2022, and the share of bachelor's holders among the long-term unemployed soared.

On June 9, Rivian officially launched its R2 electric SUV, opening order invitations and store demo drives for reservation holders. A launch package around 58,000 dollars ships first, with initial deliveries set within the month and the Premium due late this year.

Per ACEA data, Tesla's May registrations in the EU27+UK fell 49% to 14,210 from 27,840 a year earlier. Germany dropped 56% and France 51%, while BYD overtook Tesla in monthly European EV registrations for the third time this year.

On June 3, Tesla expanded its driverless robotaxi service to the entire Austin metro of about 245 square miles, its fifth and largest expansion, now including airport runs. But the robotaxi tracker showed only about 20 active driverless cars, drawing vehicle-shortage criticism.

BYD's May overseas sales rose 80.4% year-over-year to 160,644 units, topping 160,000 for the first time and 42.6% of its total. Monthly NEV sales of 383,453 ended an 8-month decline.

Waymo operates across 11 cities and over 1,400 square miles, providing about 500,000 paid rides a week and topping 20 million cumulative. In May, its Zeekr-developed dedicated robotaxi Ojai began first passenger rides, targeting 1 million weekly by year-end.

The Korea-US Election Fraud Investigation Team, including Hwang Kyo-ahn, claimed the June 3 elections were a 'statistically impossible result' from algorithmic manipulation, demanding annulment and a special counsel, but tally observers and academics rebutted that manipulation is impossible given party-observer structures.

Exploiting the June 3 ballot-paper shortage, far-right YouTubers churned out election-fraud conspiracy content, with one channel earning 5.6 million won in a day via a live stream outside a Songpa polling station, topping the Super Chat charts 1-5 for five days.

An AI-generated fake newspaper image claiming '5·18 was a North Korean directive' spread on social media, but the impersonated Gwangju Ilbo was confirmed to have been founded in November 1980, not existing during the May 1980 uprising, and police are tracing the creator.

Suspicions arose that the Park Wan-su camp produced and spread a deepfake video smearing candidate Kim Kyoung-soo with civil-servant involvement, prompting the Gyeongnam election commission to refer 9 camp officials, but Park's side denied 'there was no deepfake team or production order.'

An AI-manipulated photo of an escaped wolf 'Neukgu' from Daejeon O-World roaming the streets spread, causing confusion including emergency alerts and police and SWAT searches, but a man in his 40s was arrested and reportedly said he 'made it for fun.'