Conduct

• Major U.S. indices declined, with the Nasdaq falling 1.68%, the S&P 500 dropping 0.81%, and the Dow Jones slipping 0.09% as semiconductor and tech stocks tumbled. • Market volatility was driven by a poor earnings forecast from Netflix and rising geopolitical tensions following a speech by Donald Trump regarding Iran. • Brent crude oil surged over 3% to $86.91 per barrel, fueling inflation concerns, while Bitcoin climbed above $63,309.06 and precious metals attempted a recovery.

• ICC Chief Prosecutor Karim Khan faces a potential removal vote by member countries this month following an investigation into allegations of sexual misconduct. • The ICC's oversight body suspended Khan based on evidence from the UN Office of Internal Oversight Services (OIOS) and advice from a panel of judicial experts. • Khan and his legal team have denied the allegations, claiming the investigative process was unfair and utilized specially created rules for his case.

• Bank of Korea Governor Shin Hyun-song announced on the 16th that the base rate has been raised from 2.50% to 2.75% per annum. • Addressing recent high stock market volatility, Shin stated that there are few systemic risk factors currently threatening the real economy. • He emphasized that semiconductor prices, rather than semiconductor share prices, are the critical metric to monitor for economic impact.

• India and the European Union have agreed to expand their strategic cooperation across critical technology sectors, including AI, semiconductors, quantum technologies, and clean energy. • The partnership will focus on deepening collaboration through the launch of new joint research initiatives and startup support programs to foster innovation. • This agreement matters as it strengthens the technological ties between two major global economies seeking to diversify supply chains and accelerate the transition to green energy.

• President Lee Jae-myung unveiled the "Three Mega Projects for AI and Semiconductors" in late June 2026 to secure South Korea's global leadership in technology. • The strategy focuses on three core pillars: semiconductors, physical AI, and AI data centers, with a specific goal to double DRAM output within five years. • The initiative emphasizes expanding capabilities in high-bandwidth memory (HBM), AI processors, advanced packaging, and next-generation memory technologies.

Conviction over hiring by socialist-led council is one of a series of corruption claims facing Pedro Sánchez’s familyThe brother of Spain’s prime minister has been banned from holding public office for nine years after being found guilty of administrative misconduct relating to his hiring by a socialist-led council in the south-western region of Extremadura nine years ago.Corruption allegations involving Pedro Sánchez’s family, his government and his Spanish Socialist Workers’ party (PSOE) have triggered repeated opposition calls for a snap general election. All the accused have denied wrongdoing. Continue reading...

• The US has launched a new round of airstrikes against Iran, following a statement from Donald Trump that the previous ceasefire is now "over." • US Central Command stated the operations aim to degrade Iran's ability to threaten freedom of navigation within the Strait of Hormuz. • Iranian state media (IRNA) reported approximately 10 explosions in the coastal cities of Konarak and Chabahar, with the latter experiencing significant power outages.