


















Ukrainian President Volodymyr Zelensky: Last night, Russia launched a vicious and deliberate attack on Zaporizhia. A nine-story residential building, a university facility, a shopping mall, and a boiler room were damaged. Five people have been reported injured, and some residents have been evacuated. Overall, Russia attacked 10 of our districts last night and throughout the night.
EU High Representative for Foreign Affairs and Security Policy Karas: I have proposed measures against those who assisted in organizing this “sham election” in the occupied territories of Ukraine.
EU High Representative for Foreign Affairs and Security Policy Kalas: The Kremlin suppresses dissent, bans the only registered party opposed to its war in Ukraine from running for office, and shuts out international election observers. Russia now exists only in the guise of democracy.
European semiconductor stocks rose 2-3%, with STMicroelectronics, ASML and ASMI performing particularly well.
S&P Global Ratings stated on the 21st that it expects South Korea to invest approximately 1200 trillion won in data center construction by 2035, potentially placing it among the world's leading data center nations. However, S&P also warned of the risk of credit rating downgrades as telecom operators, internet companies, and other participants face massive investment pressures. The report stated that South Korea's data center expansion plan is among the most aggressive in the Asia-Pacific region. S&P predicts that South Korea will invest approximately 1800 trillion to 2000 trillion won (approximately US$1.3 trillion to US$1.4 trillion) in semiconductors and data centers alone over the next 10 years, with approximately 1200 trillion won allocated to data center construction. If the plan proceeds smoothly, South Korea is expected to surpass India by 2035, becoming the second-largest data center market in the Asia-Pacific region, after China, with the largest leased IT load capacity. The problem lies in the massive capital expenditure. S&P estimates that building a 1-gigawatt data center could require up to 70 trillion won in investment. The major participating companies, SK Telecom, KT, NAVER, and GS Group, had a total cash holding of only 17.9 trillion won and operating cash flow of 14.7 trillion won as of 2025, making it impossible to complete the relevant investments solely with internal funds. From a corporate perspective, SK Telecom is responsible for 15 GW of the total 18.4 GW expansion plan, facing the greatest financial pressure. S&P estimates that building a 15 GW data center could require up to 1,000 trillion won, while SK Telecom's capital expenditure in 2025 is only 2.3 trillion won, thus necessitating large-scale external capital raising.
According to Politico, inflation in the United States is causing problems for Republican campaigns on housing affordability. In June, Republicans pushed through the 21st Century Housing Road Act, which aims to increase housing construction and improve long-term affordability. Republican campaigns have been touting the bill, but Trump's war on Iran has led to soaring energy prices, pushing up inflation and consequently increasing mortgage costs. Housing is one of the issues voters care about most. A poll released in May by the Bipartisan Policy Center found that 79% of registered voters consider housing costs an "extremely or very important issue." However, the impact of this new congressional law is likely to take months or even years to take effect in the current tight housing market. With only weeks left until the midterm elections, U.S. mortgage rates reached nearly 7% last week, but Trump campaigned on a promise to lower mortgage rates to 2%, a promise that now seems more unlikely than ever with his second term halfway through. Furthermore, Trump's initial refusal to sign the housing bill, calling it "utterly boring," has also weakened the effectiveness of Republican campaigns. Financial industry experts predict that mortgage rates will not fall significantly before November unless Trump quickly resolves the Middle East conflict or makes progress in international trade negotiations. Christian Delitis, managing director of Moody's Analytics, stated that the most effective solution would be some form of resolution to the Strait of Hormuz standoff, which would certainly lower inflation quite quickly.
Trading Terminology
How to calculate profit and loss?
What is Margin Level?
Important Economic Data - Released Dates
Candlestick Chart