US launches fresh strikes on Iran, as Trump warns of retaliation for deaths of soldiers
Iran says it has hit two ships in the Strait of Hormuz as well as targets in Bahrain and Jordan.
BBC World
Daily Brief
EN → 한국어
Wednesday, July 22, 2026
Today's Brief
Today’s Key Insight
Escalating geopolitical conflicts in the Middle East and aggressive US trade protectionism are casting a shadow over global markets, despite gains in the prior session. Concurrently, South Korea’s domestic economy faces tightening credit conditions as central bank rate hikes push mortgage rates above 7.5%, prompting government promises of policy support.
Market Overview
Korea. In the prior session on July 21, the KOSPI surged 3.56% to 6,747.95 and the KOSDAQ rose 0.49%, while the USD/KRW exchange rate eased by 0.49% to 1,480.14. However, domestic financial pressure is intensifying as the Bank of Korea’s rate hikes have pushed top-tier mortgage rates past 7.5% and deposit rates into the 3% to 4% range, leading President Lee to pledge targeted support for home buyers.
US. US equities closed higher in the prior session on July 21, with the Nasdaq rising 1.29% and the S&P 500 gaining 0.89%, while the VIX volatility index retreated by 8.58%. This upward momentum may be tested by fresh geopolitical risks, including US military strikes on Iran and Donald Trump’s announcement of a 50% tariff on Canadian goods.
Cross-Market Signals
- Geopolitical Friction and Safe-Haven Demand: Military clashes between the US and Iran in the Middle East, alongside threats to shipping in the Strait of Hormuz, likely underpinned the prior-session gains in WTI crude oil of 1.69% and Gold of 1.79%.
- Monetary Transmission and Domestic Credit Strain: The Bank of Korea’s rate hikes are rapidly feeding into the retail banking sector, driving mortgage rates toward 8% and raising deposit rates, which threatens to constrain domestic liquidity despite the prior session’s stock market gains.
- Tariff Threats and Currency Dynamics: Trump’s proposed 50% tariff on Canadian goods signals a hardening protectionist stance that could disrupt North American trade and support the US Dollar Index, which was recorded at 101.19 in the latest data.
Markets as of 2026-07-21 close 🟢 Risk-On
VIX -8.6% ↓↓
S&P Sectors
Tech +2.9%
Finance +0.1%
Health +0.6%
Energy +1.0%
Industrial +0.3%
Staples -0.9%
Utilities -0.0%
Real Estate -0.1%
Materials +0.1%
Comms -0.7%
Discretionary +0.2%
World
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Donald Trump to impose 50% tariff on most Canadian goods, White House says
Turmoil likely as Trump officials say Canada unfairly discriminated against US autos, alcohol and dairy productsDonald Trumpis imposing 50% tariffs on mostCanadiangoods in response to the country retaliating against previous US tariffs, the White House announced on Monday, declaring Canada has unfairly discriminated against American cars, alcohol and dairy products.The tariffs will hit a wide range of products, the White House said, including wine, hockey sticks and cement. They also include goods previously protected from import taxes under the United States-Mexico-Canada (USMCA) agreement.Continue reading...
The Guardian
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Zelensky fires army chief Oleksandr Syrsky, a 'victory for protestors'
President Volodymyr Zelensky said on Tuesday that Major General Mykhailo Drapaty will take over as Ukraine's commander-in-chief after firing Soviet-trained top commander Oleksandr Syrsky. "This is a victory for the protestors who took to the streets a week ago, when Zelensky fired Fedorov," says FRANCE 24 correspondent Gulliver Cragg. "Their main demand was that Syrsky be fired." He added that "Drapaty was the one Fedorov wanted to see in that position to replace Syrsky".
France 24
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Trump softens tone on alleged China election meddling before Rubio-Wang talks
US Secretary of State Marco Rubio will meet Chinese Foreign Minister Wang Yi in Manila on Wednesday, as President Donald Trump signalled that Washington would confront Beijing over its alleged interference in the 2020 election but played down the prospect of retaliation. “We’re going to talk to them about it,” Trump told reporters on Tuesday, adding that the alleged interference “took place a long time ago” and that China might be “a little bit different today than it was then”. “They do things...
SCMP
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Jordan faces growing risk of becoming latest frontline state in US-Iran conflict
As Iranian attacks intensify, Jordan is emerging as the latest frontline state in the widening Middle East conflict. Why is the Hashemite Kingdom a target for Tehran?
DW
Korea
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Lee: "Meticulously Prepare Support Measures for Real Real Estate Buyers, Reform Taxes"
On the 23rd, a real estate policy debate attended by Lee. Damage to homeless real buyers increases due to 'loan regulations'. Tax reforms such as holding tax and transaction tax on ultra-high-priced single homes. President Lee Jae-myung said on the 21st regarding the polarization issue caused by real estate market instability, "A speedy supply plan and..."
조선일보
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Political Fate at Stake... Seoul Mayor Oh Se-hoon Faces First-Instance Verdict on 'Myung Tae-kyun Poll Payment Allegations'
The court's first ruling on Seoul Mayor Oh Se-hoon, who was indicted over the 'Myung Tae-kyun poll payment allegations', is set to be delivered. Mayor Oh's sentencing hearing is scheduled to be broadcast recorded. According to Yonhap News on the 22nd, the Seoul Central District Court's Criminal...
매일경제
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Deposit Rates Stir as Base Interest Rate Rises... Banks in 3% Range, Savings Banks in 4% Range
With the Bank of Korea's base interest rate hike, bank deposit rates, which had remained in the 2% range, are rising to the 3% range one after another. Savings bank deposit rates are showing a steep upward trend, on the verge of entering the 4% range. According to the Korea Federation of Banks on the 22nd, the one-year...
뉴시스
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Maximum Mortgage Rate Exceeds 7.5% per Annum
Outlooks suggest that if the Bank of Korea's base interest rate hike trend continues, the upper limit of mortgage rates will reach the 8% range per annum. According to the financial sector on the 21st, the 5-year fixed mortgage rates of the five major commercial banks—Kookmin, Shinhan, Hana, Woori, and Nonghyup—stood at 4.80% per annum...
한국경제
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Youth Writer Park Sang-young's Deviation? "I Want to Become a Two-Way Writer"
"I can do both pitching and hitting now." Novelist Park Sang-young (38), who recently published his new full-length novel 'The Woman Wearing a Straw Crown' (Rabbithole), compared himself to a baseball player. This means he is no longer just a "pitcher" who depicts contemporary youth and love, but has also become a "hitter" who can write mystery thrillers set against the backdrop of Korean conglomerate history. Meeting him at the Dong-A Media Center in Jongno-gu, Seoul on the 16th, he smiled and said, "I feel like I've become a writer who can now visit and return from a completely unknown world." Until now, the author has been known as a novelist who tastefully unravels his own life and surroundings. Dating, friends, and life in Seoul have all served as material for his stories. His dating experiences and daily life are deeply embedded in 'Love in the Big City', which was shortlisted for the International Booker Prize in 2022, and memories of his teenage years are strongly reflected in his novel 'I Want to Be One-Dimensional'. "I mainly wrote about the love of modern city dwellers or queer stories. So many people thought that was my 'one-tool'. I'm grateful for such modifiers, but on the flip side, they also confined me." So this time,
동아일보