Korea Macro Daily(Beta Mode)
KOSPI Slumps 6% Amid Won Liberalization Push
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| KOSPI | 6,820.60 | -6.37% |
| KOSDAQ | 791.84 | -4.53% |
| USD/KRW | 1,475.35 | -0.81% |
| Samsung | 255,000.00 | -8.77% |
| SK Hynix | 1,842,000.00 | -11.53% |
| Brent Crude | 88.92 | +0.93% |
| Gold | 4,011.80 | -0.02% |
| Bitcoin | 65,232.93 | +0.84% |
| Korea Short-term Rate | 2.54% | +0.00% |
| Korea Long-term Rate | 4.18% | +2.60% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Korea Industrial Production YoY | Type: macro_line | IP YoY %: 0.7061 (2026-05-01) | Range: -12.45–9.263 | Trend(6pt): 9.218,-4.67,9.245,1.795,1.554,0.7061
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Wednesday (2026-07-22) | |||
| GDP Growth Quarter-over-Quarter Advance Estimate | 1.80 | 0.50 | 15:00 |
| GDP Growth Year-over-Year Advance Estimate | 3.80 | 3.30 | 15:00 |
- KOSPI plunged 6.37% to 6,820.60 as semiconductor names led declines, with Samsung down 8.77% and SK Hynix off 11.53%.
- Authorities unveiled a roadmap to internationalize the won, allowing foreigners offshore trading and 24/7 settlement to support MSCI inclusion.
- USD/KRW eased 0.81% to 1,475.35 while Korea’s long-term rate rose 2.60% to 4.18%, reflecting shifting rate expectations ahead of Q2 GDP.
Yesterday's Recap
Equity markets suffered sharp losses as foreign selling intensified across technology shares. KOSDAQ fell 4.53% to 791.84, extending the broad risk-off move. The won posted modest gains against the dollar despite the equity rout, closing at 1,475.35.
Long-term government bond yields climbed 2.60% to 4.18% while the short-term rate held steady at 2.54%. No major data releases occurred on July 19, leaving the focus on policy announcements and external flows. Brent crude edged higher 0.93% to 88.92, providing limited support to related exporters.
Market participants positioned ahead of next week’s advance GDP figures and continued to monitor semiconductor pricing trends. Prolonged won weakness weighed on corporate margins and bank balance sheets through higher funding costs, while per capita GDP is projected to exceed $39,000 this year.
The Day Ahead
Attention centers on the July 22 advance GDP release, with quarter-over-quarter growth expected at 0.5% versus 1.8% prior and year-over-year at 3.3% versus 3.8%. The prints will update views on export momentum and domestic demand before the next MPC meeting. No other high-impact Korean indicators are scheduled through tomorrow.
Market focus will also remain on any further details regarding the won internationalization timeline and offshore settlement infrastructure. Foreign exchange reserves data and any follow-up comments from officials could influence positioning in both bonds and the currency. Officials are simultaneously advancing a 24/7 offshore settlement network to reduce reliance on domestic bank accounts for won transactions.
Other Economic Notes
Per capita GDP is projected to exceed $39,000 this year, underscoring structural income gains even as consumption remains uneven. Prolonged won weakness continues to pressure corporate margins and bank balance sheets through higher funding costs. The government’s decision to ease foreign access to the won directly targets long-standing MSCI concerns over currency convertibility.
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