Key Takeaways
- South Korea’s KOSPI index surged 7% in a massive rally driven by semiconductor momentum, with SK Hynix (000660.KS) gaining 10%.
- South Korea will launch 24-hour trading for its dollar-won spot market starting July 6, a major step toward internationalizing its currency and seeking MSCI developed-market status.
- Tesla (TSLA) has officially rolled out its Full Self-Driving (FSD) system in China, significantly heating up the autonomous driving race against domestic rivals like BYD and Xpeng.
- Geopolitical risks persist as the International Maritime Council warned that mine clearance in the Strait of Hormuz will take weeks, while Iran reviews new diplomatic positions from the U.S.
- Analyst sentiment was mixed for major tech and retail players; NVIDIA (NVDA) and Analog Devices (ADI) received target hikes, while Intuit (INTU) and Lowe’s (LOW) saw their targets slashed.
South Korea’s financial markets dominated headlines today as the KOSPI index climbed a staggering 7%, fueled by intense buying momentum in the technology sector. Leading the charge, SK Hynix (000660.KS) saw its stock price jump 10%, extending a recent rally as global demand for AI-related hardware remains robust.
In a landmark move to modernize its financial infrastructure, the South Korean finance ministry confirmed that 24-hour trading for the dollar-won spot market will commence on July 6. This shift is intended to eliminate time-zone gaps for global investors and is a critical component of Seoul's broader strategy to secure an upgrade to developed-market status from index providers like MSCI.
In the electric vehicle sector, Tesla (TSLA) has intensified the competitive landscape in Asia by launching its Full Self-Driving (FSD) software in China. The rollout follows regulatory approvals and a high-profile visit by CEO Elon Musk, placing immediate pressure on domestic EV manufacturers who have long held a home-turf advantage in localized autonomous features.
Geopolitical tensions continue to weigh on global trade and sentiment, particularly in the Middle East. The International Maritime Council stated today that it will take several weeks to complete mine clearance operations in the Strait of Hormuz, a vital chokepoint for global oil supplies. Meanwhile, Iran’s Nour News reported that the Foreign Ministry is currently reviewing positions received from the U.S., suggesting a fluid diplomatic situation.
On the analyst front, Melius Research raised its price target for NVIDIA (NVDA) to $400 from $380, citing continued strength in data center demand. Needham also showed optimism for the semiconductor space, increasing Analog Devices’ (ADI) target to $440. Conversely, Barclays reduced its target for Intuit Inc (INTU) to $443 from $540, and Piper Sandler lowered Lowe’s (LOW) target to $276 amid shifting consumer spending patterns.
Currency and regional markets showed a more cautious tone compared to the Korean rally. The British Pound traded flat as cooling UK inflation—which slowed to 2.8% in April—and ongoing Iran tensions capped any potential upside. In Southeast Asia, Indonesia’s main stock index declined nearly 2%, falling to 6,196.1 as investors reacted to regional volatility and mixed sentiment across Asian currencies.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.