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Real-time News
October 23 - Market intelligence data shows that a little-known South Korean shipowner dominated oil shipping in the Strait of Hormuz in September; the groups vessels transported more oil than the next three shipowners combined. According to ship tracking and other data analysis from market intelligence agencies Vortexa, Equasis, and Signal Group, vessels owned by South Koreas Sinokor Group transported 105.6 million barrels of crude oil through this route connecting the Persian Gulf to global markets. This figure accounts for approximately 40% of the total oil transported through this route last month. Based on the above data, the next three companies—Saudi Arabias Bahri, Kuwait Tankers, and the shipping division of Abu Dhabi National Oil Company (ADNOC)—transported a combined total of 97.3 million barrels during the same period. This analysis is based on ship ownership, not ship operators.On October 23, three proposed IPOs related to AI infrastructure were canceled, suspended, or postponed within just a few weeks. Private equity valuations were set below previous targets, and some debt markets even began pricing in genuine hardship. These signs collectively indicate that investors who once readily funded AI initiatives are becoming more discerning. SK Hynix canceled its Solidigm IPO, which was intended to fund a new wafer fab in the US. Earlier this month, Australian data center operator Firmus Grid canceled a nearly $5 billion IPO, citing market volatility. A few days later, Blackstone-backed Airtrunk postponed its planned Singapore listing to the first half of next year. Interest rates are rising; the Federal Reserve resumed rate hikes in September, and the Bank of Japan has pushed its policy rate to a 31-year high. Higher interest rates make financing more expensive for projects whose revenues wont arrive for several years. Geopolitical risks are also rising; the Iran war has kept oil prices high, and inflation expectations remain high. As AI spending expands, investors are increasingly focused on when returns will materialize.October 23 - Copper prices are poised for their third weekly decline in four weeks. As the sell-off in tech stocks intensifies, overall market risk appetite is dampened, and copper—a metal widely used in data centers and power infrastructure—has not been spared. In London, copper futures traded above $14,150 per tonne, down nearly 2% this week, extending its decline since hitting record highs in September. On Friday, the global tech stock sell-off worsened, with earnings reports from major tech companies failing to convince investors of the sustainability of the "artificial intelligence boom." Analysts say the stock market sell-off is putting "significant pressure" on metals ranging from copper to gold. "Given the continued weakness in demand from other sectors, stock market performance is impacting short-term sentiment in the metals market," an analyst noted. Despite this, copper prices are still up about 14% year-to-date. Previously, market expectations of potential tariffs on refined metals by the Trump administration spurred a surge of metal imports into the US, pushing up copper prices. However, traders remain skeptical about whether Washington will actually implement such measures.October 23 - Global bond market indicators show the strongest risk aversion in over a year. Investors are turning to safe-haven assets amid a sell-off in AI-related stocks and escalating geopolitical tensions. On Friday, spreads on high-rated Asian corporate dollar bonds widened to their highest level since July of last year, mirroring broader credit market trends. Data shows that global corporate bond yield premiums surged to 129 basis points, the largest spread since May 2025. Growing concerns about the speed of AI-related spending through borrowing have triggered market volatility; investors are generally worried that the technology may not deliver the expected profits in the short term. Sharp liquidations of bets on AI have sparked a divergence among prominent investors: Citadel Securities CEO Griffin warned of a bubble, while Blackstone Group President Jon Gray believes there is no need to worry, citing "near-parabolic" growth in market demand.On October 23, Mizuho Bank analyst Kyugo Hasegawa noted in a report that the recent strength of the yen may stem from safe-haven demand. He stated that fiscal concerns in France have significantly boosted the Swiss franc, raising concerns that the Swiss National Bank might take measures to limit further appreciation. Hasegawa believes this situation could prompt safe-haven funds to flow into the yen. However, he also emphasized that Japans own fiscal and monetary factors are crucial to whether the yen can appreciate further.
