The KOSPI rose, and nobody bought it. Sept 3 close 6,579.48 (+16.76, +0.26%). Retail −955bn won, foreigners −419bn, institutions −215bn — all three real investor groups net sellers — while corporate treasury (share buybacks) took +1.59tn won. The KOSDAQ fell to 790.21 (−1.71%), losing the 800 line. Wednesday's time-zone explanation only half held. Of Wednesday's…
Bonds are the story. US 10-year at 4.79% (+3.5bp, fifth straight gain, highest since January 2025); 30-year at 5.28%. Falling bond prices are pulling equities down with them. This is not a US-only move. Japan's 10-year is at a 30-year high, France's at a post-2008 high, Germany's at a post-2011 high. A genuinely synchronized global…
The premise flipped. After Warsh's August 28 Jackson Hole speech, the probability of a September rate hike surged from 35.4% to 57.5%, and fed funds futures now put it near 60%. The September 15–16 FOMC also carries a fresh dot plot. Oil landed on top of it over the weekend. On August 30, US forces…