South Korea's KOSPI index fell as much as 1.00% intraday after initially rising more than 1% at the open.

Analyst Eric Merlis said June nonfarm payrolls were significantly below expectations, a stark contrast with a string of upside surprises earlier this year, but the labor market is still adding jobs and wage growth shows little sign of accelerating. With participation falling and hiring cooling, the Fed’s decision to stand pat last month looks less like a policy mistake and more like prudent patience. Markets are repricing: as the inflation debate continues, the probability of further rate hikes is declining.

Hanwha Group said it will invest 55 trillion won in South Korea to develop satellites, space launch vehicles and a defense AI data center.