Venezuela quake survivor pulled out alive after eight days
Hernán Gil was trapped under a collapsed multi-storey car park, and encouraged them as they inched closer to him.
BBC World
Daily Brief
EN → 한국어
Friday, July 3, 2026
Today's Brief
Today’s Key Insight
A sharp divergence is emerging between US and Korean equities, driven by sector-specific vulnerabilities and macroeconomic headwinds. While the Dow Jones advanced in the prior session, Korean markets suffered a brutal sell-off as fears of a semiconductor demand contraction outweighed record export data. Meanwhile, faltering US job growth and renewed North American trade uncertainties under the Trump administration suggest a complex global growth outlook.
Market Overview
Korea. In the latest available session, the KOSPI plummeted 7.89%, breaking below the 8,000-point threshold, heavily dragged down by semiconductor stocks following Meta-induced demand concerns. Despite the OECD noting Korea’s broader economic recovery and recommending structural real estate tax reforms, investor sentiment remains severely battered by tech sector fatigue.
US. US equities showed a mixed performance in the prior session, with the tech-heavy Nasdaq slipping 0.80% while the Dow Jones gained 1.14%. Weaker-than-expected June payroll data and President Trump’s decision to subject the USMCA trade pact to annual reviews appear to be prompting a rotation away from growth stocks and into traditional sectors.
Cross-Market Signals
- Tech Sector Vulnerability: The Nasdaq’s decline coupled with the KOSPI’s massive 7.89% drop indicates that global investors are aggressively pricing in peak semiconductor demand, overshadowing strong historical export figures.
- Safe Haven and Yield Divergence: A simultaneous rise in gold prices and US 10-year Treasury yields suggests markets are hedging against both geopolitical trade uncertainties and potential inflationary pressures despite a weakening dollar.
- Macroeconomic Friction: Disappointing US job growth combined with the shift to annual USMCA reviews introduces significant friction, likely capping broader equity rallies and supporting the rotation into blue-chip Dow components.
Markets as of 2026-07-02 close 🟢 Risk-On
VIX -2.6% ↓ · USD/KRW -0.8% (달러 약세)
S&P Sectors
Tech -2.7%
Finance +1.5%
Health +2.6%
Energy +0.8%
Industrial +0.3%
Staples +2.0%
Utilities +2.2%
Real Estate +1.1%
Materials +1.9%
Comms -0.1%
Discretionary -0.8%
World
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Trump refuses to renew US-Canada-Mexico trade pact he once championed
Trump and US officials opted to keep USMCA alive on short leash of annual reviews rather than longer term renewalDonald Trumphas refused to renew the North American trade pact he once championed as his signature deal, opting instead to keep it alive on a short leash of annual reviews rather than committing to another 16 years.Wednesday was the deadline built into the United States-Mexico-Canada Agreement (USMCA) for the three countries to jointly decide its fate, which is set to expire in 2036.Continue reading...
The Guardian
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Australia news live: Deeming lodges legal suit against Victorian Liberal president; blizzard brings snow to NSW and Victorian alps
Case due to be heard in supreme court this morning. Follow the day’s latest updatesGet ourbreaking news email,free appordaily news podcastPocock says it’s ‘tragic’ gambling reforms don’t go nearly far enoughIndependent senatorDavid Pocockhad harsher words, saying the gambling reform bill was a “real opportunity for a prime minister to have a real legacy”, but Albanese had “buckled” to the gambling lobby.I just find the whole thing tragic. Labor voted against a Senate inquiry into their bill because they know it is so far off the mark.As to compromises in the Senate, we’ve got Simon Kennedy and others in the Liberal party, Sarah Henderson, saying that it’s not strong enough.How is it that a Labor-chaired committee gave such strong recommendations and then the prime minister just buckles to the gambling lobby, introduces weak legislation, and now we have the Liberal party saying that it’s not strong enough.Continue reading...
The Guardian
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Oyarzabal scores two goals as Spain dominates Austria in World Cup knockout
Mikel Oyarzabal's brace allows the European champions to dominate Austria and move on to the round of 16.
Al Jazeera
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US job growth falters, testing Trump’s Republicans ahead of midterm election
The United States posted weaker-than-expected job growth in June as new data showed the labour market is facing headwinds ahead of the testing midterm election for President Donald Trump’s Republicans. Total nonfarm payroll employment grew by 57,000 and the unemployment rate fell slightly to 4.2 per cent, the US Bureau of Labour Statistics (BLS) said in a statement on Thursday. After months of seesawing growth and contraction, the US job market posted strong gains in the last three months, but...
SCMP
Korea
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OECD: "Korea Needs to Shift Real Estate Taxation from Transaction Tax to Property Tax" (Overall)
The Organization for Economic Cooperation and Development (OECD) recommended that Korea's real estate taxation system shift from transaction tax to property tax. Regarding Korea's recent economic situation, despite martial law and the Middle East war, the economy is showing signs of recovery due to government policies and a semiconductor boom.
뉴시스
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Meta-Triggered 'Black Thursday'... '8,000 Points' Broken Amid Concerns of Shrinking Semiconductor Demand (Overall)
The Ministry of Trade, Industry and Energy announced the previous day that semiconductor exports in June increased by 199.5% year-on-year, easily surpassing $40 billion for the month. Therefore, the recent sharp decline in semiconductor stocks is due to accumulated fatigue from the surge in the second quarter, amidst Meta's...
연합뉴스
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OECD: "Korea Should Lower Real Estate Transaction Tax Proportion and Raise Property Tax"
The OECD releases a report every two years evaluating the economic situation and policies of its member countries. This report includes recommendations regarding real estate tax system reform. The OECD stated, "Korea's real estate tax revenue as a percentage of Gross Domestic Product (GDP) is 3%, compared to the OECD average of 1.6%..."
한국경제
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As Expected, a Championship Contender! Spain, with Oyarzabal's Brace, Dominates Austria 3-0 with '0 Shots on Target', Advances to Round of 16... Will Face Winner of Portugal-Croatia Match [World Cup Review]
Spain showed its championship contender form. Spain secured a decisive 3-0 victory over Austria in the Round of 32 match of the 2026 North America World Cup, held at 4 AM KST on the 3rd (local time) at a stadium in Los Angeles, California, USA. Spain advanced to the Round of 32 as Group H winner, and Austria as Group J runner-up. Spain will play its Round of 16 match against the winner of the Portugal-Croatia game. Luis de
조선일보
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OECD Recommends "Lower Korea's Real Estate Transaction Tax and Raise Property Tax"
The Organization for Economic Cooperation and Development (OECD) recommended that Korea lower the proportion of transaction tax and raise the proportion of property tax in its real estate tax system. Looking at the report, there are aspects that overlap with the Korean government's policy direction. Public opinion is divided on issues like raising property tax...
국민일보