Talks on Oct. 16 brought South Korea's finance minister and central bank governor together with Federal Reserve and U.S. Treasury officials. The sides reviewed economic conditions and discussed bilateral cooperation on financial matters and the wider economy.
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Two South Sudanese financial experts, researcher Dr. Ting Mayai and certified accountant Stephen Omir, CEO of Eye Media, urged the Ministry of Finance to repay funds borrowed from the Bank of South Sudan, which they said could ease liquidity shortages at commercial banks. Dr. Mayai said the ministry had taken money held at the central bank without returning it, leaving commercial banks struggling to access their reserves, and noted the central bank had indicated some reserves were borrowed and not repaid. Omir argued the government must settle the overdrafts it owes the central bank. The experts noted that the effect on liquidity would depend on the amounts owed and broader conditions in the banking sector. The Ministry of Finance and the Bank of South Sudan had not responded to the claims at the time of reporting.
- Global chip sell-off deepens as South Korean market plunges
Global memory-chip stocks extended their sell-off as South Korea's KOSPI (^KS11) plunged 7%. SK Hynix (000660.KS) and Samsung Electronics (005930.KS) fell 10% and 8% on concerns over intensifying competition from China, and the two giants account for more than half of the South Korean market's total capitalization. The decline followed a Wall Street chip sell-off, driven by worries about further rate hikes and fears around AI-driven debt financing, with Nvidia (NVDA), Broadcom (AVGO), AMD (AMD) and Intel (INTC) leading the losses. CoreWeave (CRWV) shares dropped more than 15% after a chart of its bond yields circulated on social media, highlighting concerns about its debt-heavy balance sheet. Investors are now looking to TSMC (TSM)'s quarterly results on Thursday, where profits are expected to rise 60%.
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Hyundai Motor Group said it plans to invest $15.5 billion in India from 2026 through 2032, treating the country as core to its emerging-market growth. After meeting Indian Prime Minister Narendra Modi, executive chair Euisun Chung said the investment reaffirms the company's commitment to India for the next 30 years and beyond. The funds will go to manufacturing expansion, R&D infrastructure, local parts suppliers and future technology, through a dedicated investment entity set up in India. Hyundai is India's third-largest carmaker, selling 247,980 passenger cars between April and August this year, behind Maruti Suzuki and Mahindra & Mahindra, and has a total production capacity of 1.4 million vehicles in the country.
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Bitcoin dipped below $81,000 before recovering above $83,000, while ether fell as low as $2,400. South Korea's equity benchmark plunged 5.5% on Tuesday, led by Samsung Electronics and SK Hynix, which fell 7% and 10%, on concerns over AI investment and advances in memory chips at China's CXMT; the index is roughly 38% below its June all-time high. In derivatives, 24-hour futures volume rose 66% to $212 billion, while open interest fell 1.58% to $143.4 billion and liquidations rose 284% to $813 million, indicating leverage is being unwound rather than added. Investors are positioning ahead of the U.S. CPI report, forecast at 3.6% year over year, and earnings from JPMorgan Chase, Goldman Sachs and Citigroup.
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