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The total national debt of the United States has surpassed **$40 trillion (approximately 55,645 trillion Korean Won)** for the first time in history. This marks an increase of $10 trillion in just over four years since exceeding $30 trillion in January 2022. The primary drivers behind this surge in debt are rising interest costs due to prolonged high interest rates and expanded fiscal spending aimed at economic stimulus. The cumulative national budget deficit has led to continuous increases in the issuance of Treasury bonds by the US Department of the Treasury, causing an oversupply of government bonds in the market. This is acting as a major factor pushing up long-term US Treasury yields, consequently exacerbating pressure on funding costs such as rising loan rates and shrinking market liquidity in global financial markets, including South Korea.

🗂​Domestic Stock Market ​KOSPI: 6,471.17 (▼ 398.66, -5.80%) ​KOSDAQ: 824.46 (▼ 9.74, -1.17%) 🗂​US Stock Market ​Dow Jones (DOW): 53,402.85 (▼ 56.93, -0.11%) ​NASDAQ: 26,307.91 (▼ 337.00, -1.26%) ​S&P 500: 7,699.05 (▼ 46.01, -0.59%) ​Philadelphia Semiconductor: 11,966.48 (▼ 654.53, -5.19%) 🗂​Exchange Rates & Commodities ​KRW/USD Exchange Rate: 1,388.40 KRW (▼ 24.10 KRW, Won strengthening) ​WTI Crude Oil: $84.94 per barrel (▲ 0.44, +0.52%) ​Dubai Crude Oil: $90.29 per barrel (▲ 2.44, +2.78%)

🗂 KOSPI Plunges 5.8% and Circuit Breaker Triggered Amidst US Treasury Yield Impact The shockwaves of global long-term interest rate volatility and the US stock market downturn have transmitted to the Korean peninsula, causing the KOSPI to plummet by 5.8% in a single day, falling to the 6,470 level. A sell-side circuit breaker was triggered in early trading due to indiscriminate selling by foreign and institutional investors. 🗂 Won/Dollar Exchange Rate Falls Below 1,300 Won as Exporters Sell Dollars Contrary to the stock market crash, the won/dollar exchange rate closed at 1,397.7 won, down 14.1 won from the previous day, as exporting companies flooded the market with early dollar sales. Although it fell below 1,400 won for the first time in about 11 months, volatility remains high due to remaining dollar demand factors such as investment in the US. 🗂 Semiconductor and AI Blue Chips Suffer Devastating Blows, While Safe-Haven and Defensive Stocks Hold Steady Foreign capital largely exited IT tech stocks, leading major semiconductor companies like Samsung Electronics and SK Hynix to experience sharp declines. Amidst the index's sharp fall, limited demand flowed into financial stocks with high dividend appeal and some energy-related defensive stocks.

🗂​US Treasury's Intervention in Bond Market Calms Stocks, Leading to Slight Rebound New York stocks, recently struggling with soaring long-term bond yields, halted their sharp decline and closed with a slight rebound after the US Treasury announced measures to ease the burden on the bond market. The S&P 500 and Nasdaq both rose 0.2%, entering a brief period of consolidation. 🗂​Extreme Caution Ahead of Jackson Hole Meeting and Fed's Rate Path Investor caution is at its peak with the Jackson Hole meeting scheduled for this week. As interpretations of inflation and employment data diverge regarding the Fed's monetary policy stance, a wait-and-see approach continues without clear buying momentum. 🗂​Big Tech AI Overheating Debate Amid Earnings Releases and Stock Differentiation Ahead of earnings reports from major AI stocks like Nvidia, AI beneficiaries such as Broadcom (-4.6%) showed significant volatility due to concerns about profitability verification. Funds were dispersed to individual stocks in the retail and consumer sectors, like Target and Estee Lauder, which reported strong earnings.

1. Macroeconomics & Finance 🗂​Global Long-Term Treasury Yields Surge US 30-year Treasury yields have entered the 5.3% range, marking a 19-year high. Long-term Treasury yields in major countries like Germany and France are also hitting multi-decade highs. Reasons for the rise: Upward pressure on prices due to renewed geopolitical risks in the Middle East, the US's national debt burden (approaching $40 trillion) and increased Treasury issuance, high-interest corporate bond issuance by big tech companies, and sales of US Treasuries by major holders (Japan, China). 🗂​Gold Investment and Gold Banking Demand Recover As international gold prices rebound, domestic individual investors have shifted to net gold purchases, and the balances of major banks' gold banking services have turned to an increase for the first time in seven months.

[Hankyung Morning Routine] Key Issue Analysis Finance & Tax Reform: Mutual Finance Exodus: Deposits decreased by 28 trillion won in the first half. Impacted by lower interest rates, reduced tax benefits, and decreased dividends due to PF defaults. ISA Reform Canceled: Considering withdrawal of the abolition of ISA installment limit carryover and the 5-year restriction. Crypto Taxation: 22% tax on capital gains exceeding 2.5 million won from next year will proceed as planned. Industry & Corporate Trends: China's Offensive: Chinese seasoned seaweed produced by importing and processing Korean dried seaweed, and expansion of EV penetration through car-sharing (Socar). Unusual Performance: Liquor company Muhak achieved a tenfold increase in operating profit through ELS investment returns, which account for 61% of its assets. AI Infrastructure: Telecom 3 companies see surging AI data center sales amidst wireless congestion. Got to catch today's broadcast!

🗂"China CXMT Allegedly Stole Samsung Electronics DRAM Tech Since Inception" Evidence from investigations and inquiries has revealed that CXMT (Changxin Memory), China's largest memory semiconductor company, has been continuously stealing Samsung Electronics' core DRAM technology since its early stages of establishment. The situation is causing significant repercussions as details emerge regarding the leakage of former researchers and the acquisition of national core technologies. With an increasing number of cases where Chinese companies, backed by their government, recruit key South Korean semiconductor personnel with high salaries to facilitate technology leaks, the gap with South Korea's technological capabilities is rapidly narrowing. Consequently, there's a growing call for a comprehensive strengthening of domestic semiconductor technology security systems and urgent national-level countermeasures.

🗂Hyundai Motor Union Resolves to Go on Full Strike for the First Time in 10 Years The Hyundai Motor labor union has resolved to go on a full-scale strike for the first time in 10 years due to difficulties in wage and collective bargaining negotiations. The union decided to proceed with the strike as they failed to bridge the gap in opinions on key issues such as basic wage increases, performance bonus payments, and the extension of the retirement age. The strike by the union makes production disruptions for finished vehicles inevitable, with projections of daily revenue losses amounting to hundreds of billions of won due to decreased operating rates. Consequently, concerns are rising about the chain reaction of damage to subcontractors and partner companies supplying parts to finished vehicle manufacturers, including delays in payment for delivered goods, and the overall impact on the domestic automotive industry ecosystem.

Long-term government bond yields in major countries, including the US and Europe, are sharply rising again, amplifying anxieties in the global financial markets. The yields on major long-term bonds have hit record highs, driven by concerns of oversupply due to large-scale government bond issuances and vigilance against 'water-quality' inflation. As the interest rate uptrend continues, market expectations for an early rate cut have rapidly receded. Consequently, market interest rates for home mortgages, corporate loans, and others are sequentially increasing, intensifying the principal and interest repayment burden for households and businesses. There are growing concerns that this could lead to a contraction in investment and consumption sentiment, potentially hindering the recovery trend of the global real economy.

🗂 Stock Market Sees 5% Intra-day Reversal Amidst Treasury Yield Volatility and Semiconductor Sell-off Early in the session, Samsung Electronics and SK Hynix showed strength on the back of positive earnings from AI companies. However, a surge in US Treasury yields and the impact of oil price shocks led the KOSPI to experience extreme volatility, swinging over 5% within the trading day. 🗂 Fund Flows Shift Towards High-Yielding Sectors (Oil Refining, Shipping, Insurance) from High Oil Prices & Interest Rates While profit-taking emerged from tech stocks and leading semiconductor companies, funds flowed into oil refining stocks (S-Oil, SK Innovation) and shipping stocks (HMM), which are expected to benefit from soaring oil prices and rising freight rates, as well as insurance stocks anticipated to gain from higher interest rates. 🗂 Foreign Investors Turn Net Sellers, Re-expansion of Upward Volatility in USD/KRW Exchange Rate Foreign investors, who had been net buyers recently, have shifted to a wait-and-see approach and net selling. The trend of downward stabilization in the exchange rate has been broken due to global risk aversion stemming from Middle East tensions and the resumption of dollar strength, with upward pressure increasing again.