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An SK Hynix Leveraged ETF in the Hong Kong market has grown into a force that can shake the market: CSOP SK Hynix Daily Double Leveraged ETF has expanded to US$13 billion in just 9 months since its launch, becoming the largest single stock leveraged ETF among similar products in the world. By comparison, the combined assets under management (AUM) of leveraged ETFs tracking Micron, Nvidia, SanDisk and Tesla are less than $10 billion. With a scale of US$13 billion, it is now approximately twice SK Hynix’s average daily turnover this year. The gap is widest among major stocks with leveraged ETFs. On volatile trading days, the ETF and its smaller cousins ​​can account for about 66% of all SK Hynix trading volume, a staggering number for a company with a market capitalization of $1.2 trillion. SK Hynix and Samsung together account for 57% of the weight of the Korea Composite Stock Price Index, of which SK Hynix alone accounts for 28%, which means that fluctuations in a single ETF are enough to affect South Korea's entire benchmark index. The ETF plunged 25% on Thursday, It triggered a wave of forced selling that accelerated volatility in stocks and the broader market. It sounds incredible that a leveraged ETF can now influence the entire market.

Germany's June comprehensive PMI final value was 49.5, expected 48, and the previous value 48.

The final value of the German services PMI in June was 48.6, which was expected to be 46.8 and the previous value was 46.8.

Market news: Some Japanese aluminum buyers have reached agreements with global producers to pay a premium of $395 per ton for cargoes from July to September, sources said.

1. Japanese Finance Minister Katayama Satsuki said today that he would not comment on specific foreign exchange levels and that the government was ready to take appropriate measures to deal with currency fluctuations. She emphasized that the Japanese government has been in close contact with the U.S. authorities on foreign exchange issues. The specific monetary policy will be decided by the Bank of Japan. It is expected that the central bank will maintain close communication with the government and adopt appropriate monetary policies. 2. A spokesman for the Japanese government just said it would not comment on foreign exchange levels. Always be prepared to take necessary actions in the Forex market. Monetary policy is under the jurisdiction of the Bank of Japan, and interest rate changes are determined by the market. Pay close attention to market trends with a high degree of urgency. Appropriate FX action will be taken as necessary at all times. 3. Although the Bank of Japan's main officials did not issue direct speeches on the trend of the yen this week, the Bank of Japan's "silence" this week is closely related to the market's expectations of its interest rate hike at the end of July. 4. Japan's recent strategy may have shifted to "surprise" intervention. Katayama Satsuki has been restrained in his rhetoric these days and has not taken the initiative to use the highest-level warning of "bold action" like in April. The foreign exchange market is currently highly wary of the Japanese Ministry of Finance's "surprise" selling of U.S. dollars and buying of Japanese yen during periods of low liquidity (such as around the July 4th Independence Day holiday in the United States).

The final value of France’s service industry PMI in June was 46.8, which was expected to be 47.4 and the previous value was 47.4.

The final French comprehensive PMI value in June was 47.2, which was expected to be 47.6 and the previous value was 47.6.

Recently, the yen fell to its lowest level since 1986. The numbers on the screen aren't the key. The signal that really deserves attention is that the Japanese government, the Ministry of Finance and the Bank of Japan have exhausted all means to deal with this decline, but the price of the yen continues to fall. ①Japan raised interest rates and the yen continued to fall;②Japan spent a record amount on national defense. The yen still falls;③Officials continue to issue warnings and require decisive measures, but the yen continues to fall;④Oil prices have stabilized, but the yen still falls. According to conventional logic, each of these events, taken individually, should support the value of the currency. But actually, None of these events had such an effect. When four different explanations all fail one after another, the problem lies not with the explanations themselves, but with the underlying mechanisms. The root cause lies in the global dollar financing system. When this system works properly, trade and credit expand, and currencies like the yen have a chance to appreciate. And when the system comes under stress, there will be a relative shortage of dollars, and economies closely tied to global trade and dollar-priced imports will be hit, regardless of what their own central banks decide.

The final service PMI values ​​for France, Germany and the Eurozone in June will be announced in ten minutes; European Central Bank President Lagarde will participate in the economic forum.

RENGO, Japan's largest trade union group: The average wage increase offered by companies was 5.01%, down from 5.25% last year.

The UK two-year government bond yield fell 5 basis points to 4.091%, the lowest level since June 26.

Spain's comprehensive PMI in June was 53.3, expected 50.9, and the previous value was 50.2.

Spain's services PMI in June was 54.2, compared with the expected 50.9 and the previous value of 50.1.

Japan’s Chief Cabinet Secretary Minoru Kihara: Appropriate foreign exchange actions will be taken as necessary at all times.

Japan’s Chief Cabinet Secretary Minoru Kihara: Always pay attention to daily market dynamics and economic indicators.

Japan’s Chief Cabinet Secretary Minoru Kihara: We will not pursue fiscal policies that weaken market confidence.

Japan’s Chief Cabinet Secretary Minoru Kihara: Pay close attention to market trends with a high degree of urgency.

At the beginning of the European stock market, chip stocks rose, with ASML, ASMI, and BESI shares rising 2%-2.5%.

Japan’s Chief Cabinet Secretary Minoru Kihara: Interest rate changes are determined by the market.

Japan’s Chief Cabinet Secretary Minoru Kihara: Monetary policy is under the jurisdiction of the Bank of Japan.