Barclays economist Bum Ki Son said the recent sharp won appreciation could weaken South Korea's favorable terms of trade and increase pressure on exporters, with non-tech firms likely hardest hit due to lower margins and greater FX sensitivity. He said the export boost from earlier won weakness should begin fading in September. USD/KRW has fallen about 5% over the past month to 1,370.83, the lowest since July 2025. Official data showed August exports remained strong, led by semiconductors.

CMB Securities said an improving financing backdrop is restoring funding for innovative drug R&D. Jan–Aug 2026 global pharma primary+secondary financing totaled $53.8bn, up 72% YoY and about 92% of 2025 full-year. China 1H BD deal value and license-out-to-overseas volumes are set to hit record highs, and primary-market financing has markedly improved since 2026. China CXO sector 1H revenues and net profit attributable to parent rose 24.5% and 52.7% YoY respectively, with profit growth near the prior cycle peak. Backlogs and new orders are broadly recovering and industry leaders have raised full-year guidance. Offshore preclinical R&D demand has turned up; Charles River’s DSA book-to-bill reached a four-year high. AI-driven drug discovery could further boost R&D efficiency, supporting sector demand.

LME on- and canceled-warrant daily report: Copper on-warrants 111,175 t, +4,125 t; canceled warrants 385 t, -126,840 t. Aluminum on-warrants 242,500 t, -925 t; canceled warrants 2,803 t, -497 t. Zinc on-warrants 68,250 t, -7,350 t; canceled warrants 3,814 t, -18,536 t. Nickel on-warrants 258,492 t, +156 t; canceled warrants 18 t, -10,008 t. Lead on-warrants 353,350 t, -775 t; canceled warrants 153 t, -51,972 t. Tin on-warrants 4,850 t, -20 t; canceled warrants 74 t, -606 t.