Korean IPO market has cooled sharply after a strong 1H. Korea Exchange said on Sunday 14 of 18 companies listed this year are trading below their issue price, with newly listed tech and fashion names leading declines. Analysts point to inflated IPO pricing and rapid exits by short-term speculative funds; regulators have recently tightened lock-up periods for institutional investors, but macro shocks and a supply-demand imbalance leave small- and mid-cap new listings especially vulnerable. Domest

China Merchants Securities says the recent sharp market adjustment following Meta's compute sale is a tactical move to lift ROIC in a high‑CapEx phase, not evidence of broad compute overcapacity. The firm views the industry as shifting from pure CapEx expansion into a ROIC‑verification stage; the pullback was amplified by prior outsized gains in generalized compute names and leveraged flows, creating a short‑term liquidity‑driven negative feedback loop. After the liquidity shock, the bank judges the AI structural trend intact: storage chip supply‑demand gaps remain, MLCC price increases persist, and indium phosphide shortages continue, supporting scope for a tech recovery. It also recommends selectively targeting mispricings between mid‑year earnings and share prices.

Iranian sources said on the 6th the funeral for Iran's late Supreme Leader Ali Khamenei was held in Tehran, attended by millions. The ceremony began at 06:00 local time after large crowds had gathered hours earlier.