Global Markets
Iran-Israel war escalates with Strait of Hormuz closure
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The ongoing war between Iran and Israel has intensified, with missile exchanges and the continued closure of the Strait of Hormuz disrupting global oil supplies. Oil prices have surged above $100 per barrel, fueling market declines and inflation fears worldwide. Governments are responding with measures to stabilize energy markets amid concerns over prolonged conflict.
Li Yanqing, executive vice-president and secretary-general of the China Association of the National Shipbuilding Industry, stated in an interview that the US attempt to revive its shipbuilding sector overnight through investment alone is unrealistic, calling US port fees 'absurd' and politically motivated. China's market lead in shipbuilding remains solid despite global fluctuations.
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Major global investment banks have upgraded their forecasts for South Korea's 2026 economic growth. Citing an upcycle in the global semiconductor industry, the average outlook now stands at 2.1%. This is more optimistic than the Bank of Korea's 1.8% projection and the government's 2% forecast.