Macro
Interest Rates
Against the five-year median as the benchmark, Korea's 10-year at 4.23% (median 3.34%, +0.89pp) is high (top 8% of five years), the US at 5.22% (median 4.14%, +1.08pp) is very high (top 1% of five years) and Japan at 3.03% (median 0.86%, +2.17pp) is very high (top 1% of five years). In the US the 10-year yield is 1.34pp above the policy rate; in Korea the 10-year yield is 1.39pp above the policy rate. The US–Korea policy-rate gap is 0.88pp, with the US higher. The US last raised its policy rate by 0.25pp in Sep 2026; Korea last raised its policy rate by 0.25pp in Aug 2026.
Foreign Exchange
USD/KRW fell 0.2% over the past month while the broad dollar index moved +2.4%. The won held up better than the dollar move implied.
Commodities · Energy · Freight
Market breadth
Advancing vs. declining issues and new highs vs. new lows: how broadly the market is participating. Last 60 trading days.
The McClellan oscillator has been below zero for 2 sessions, so decliners hold the upper hand. Over the last five sessions, new highs trailed new lows by 76.