About one hour after Tuesday's open the KOSPI fell roughly 4% and triggered a sell-side circuit breaker, suspending sell-order quote effectiveness for five minutes amid KOSPI 200 futures volatility. At the trigger KOSPI 200 futures quoted 955.02, down 51.20 points or 5.08% from the prior close. The sell circuit breaches when KOSPI 200 futures drop more than 5% and persist for one minute. This is the first market circuit breaker since Aug. 20 and the first sell-side trigger since Aug. 19.

Oriental Jincheng said 1H China dollar bond issuance totaled $28.22 bln, down 45.2% YoY; maturities were $60.26 bln, down 31.0% YoY, leaving a net financing shortfall of $32.04 bln, narrowed by $3.81 bln YoY. Average issuance costs broadly tracked UST yields, falling YoY but rising sequentially, with divergent industry performance. The agency warned the Fed may further tighten policy, keeping the UST yield baseline elevated and skewed higher, which should keep China dollar bond issuance costs high. Issuance volume is expected to stay low in H2, though the YoY decline should narrow, issuance will concentrate in investment-grade names and tenors should remain relatively stable.

國際貨幣基金組織官員：剔除人工智能因素，今年迄今股票表現看起來喜憂參半。