Wednesday, July 29th, 2026
Saudi Arabia has launched an attack on Iran-backed forces in Iraq, escalating a conflict previously confined to U.S. and Israeli interests against Iran. This turmoil in the geopolitical landscape has resulted in spot oil prices increasing but stabilizing in the $80s per barrel, following a recent surge of Brent crude over $100 per barrel.
In South Korea, Finance Minister announced a cap on single-stock leveraged ETFs aimed at reducing volatility stemming from SK Hynix, a key player in the memory chip market, which saw its shares drop 22% since its IPO less than three weeks ago. The KOSPI index fell 6% overnight and is down 15% over the past week, amid broader concerns regarding the health of the tech sector.
This afternoon, the Federal Open Market Committee is set to conclude its fifth meeting of 2026, with speculation of a potential quarter-point interest rate hike arising from recent inflationary trends near 4%. Fed Chair Kevin Warsh’s less transparent communication style adds uncertainty regarding the committee’s decision, scheduled for 2 PM ET.
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