"Was the Drop Too Severe?"... KOSPI Rebounds Over 2% on Bargain Hunting - The Asia Business Daily

• Novartis shares climbed 1.7% in London trading following a second-quarter report that exceeded core operating profit expectations. • New British Prime Minister Burnham officially took office on Monday, introducing a vision for a "new economic model" for the UK.

• European equity markets recovered from a shaky start on July 20, 2026, with major indices ending the morning session slightly higher. • Oil prices retreated during the session as Iran indicated a willingness to consider mediation proposals.

• JetBlue has acquired Spirit Airlines' slots at LaGuardia Airport for $300 million to strengthen its presence in the New York City market. • GE Aerospace achieved a milestone with its hybrid-electric flight reaching 30,000 feet, drawing investor interest toward green aviation technology.

• Indian benchmark indices traded flat in early sessions, with the Sensex at 77,710 and the Nifty exceeding 24,230. • ICICI Bank shares rose nearly 3% following a strong June-quarter report, which saw consolidated net profit increase 13.88% year-on-year to Rs 15,440 crore.

• Frédéric Oudéa, Chairman of Revolut Western Europe, argues in a Euronews opinion piece that Europe must move past its fragmented banking system. • He advocates for the creation of pan-European financial champions to replace the current disjointed market structure.

• Panelists on 'The Big Money Show' analyzed current market movements and key economic indicators. • The discussion highlighted President Donald Trump's expressed desire for the government to implement lower interest rates.

• Brent crude oil prices eased slightly after crossing the $90 mark following a series of exchange strikes between the U.S. and Iran. • Market attention shifts to a series of high-profile technology sector earnings reports and upcoming U.S. economic data to gauge inflation impacts from the conflict.

• Foreign investors have sold a record 160 trillion won (approximately $108.1 billion) of South Korean stocks year-to-date, marking the heaviest sell-off on record. • Despite this trend, analysts forecast a Kospi rebound for late July, though several risks persist, including a stronger U.S. dollar and weakening AI and semiconductor investment sentiment.

• South Korea's KOSPI index plummeted nearly 5% on Monday, sliding into a technical bear market. • The decline was driven by a sell-off in AI and semiconductor stocks, compounded by escalating tensions between the US and Iran that have impacted global oil prices.

• Market weakness is currently impacting the Nasdaq and Asian technology sectors, placing leveraged retail and momentum strategies at high risk of liquidation. • Analysts identify memory stocks as the most vulnerable due to extreme gains, while quality AI infrastructure at reset multiples is viewed as a primary opportunity.

• Brent crude oil prices surged above $90 per barrel following escalating U.S.-Iran tensions and renewed shipping disruptions in the Strait of Hormuz. • The Canadian dollar remains firm following the Bank of Canada's decision to maintain its policy rate at 2.25% for the sixth consecutive meeting.