Sources say SK Hynix's US IPO was more than seven times oversubscribed.

Dollar selling linked to SK Hynix’s US ADR offering hit the USD/KRW forward market on Wednesday, lifting the won about 1% to its strongest since May 29 and pushing it through the 1,500 level. SK Hynix launched the ADR to raise 43 tln won (~$28.7 bln); major investors have signaled up to $7 bln in subscription intent and the company expects to repatriate dollar proceeds around July 15 and convert part into won. Spectra Markets president Brent Donnelly said even a small slice of the roughly $29 bln would produce material flows in USD/KRW.

Israeli Defense Forces have raised their alert level and are preparing for a possible rapid deterioration in security amid heightened US–Iran tensions, Channel 12 reported on the 8th. Prime Minister Netanyahu planned a security assessment meeting to be attended by Defense Minister Katz. The IDF is coordinating closely with US Central Command (CENTCOM).