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South Korean stocks opened sharply higher this week after President Trump announced a 'great settlement' with Iran, with the KOSPI jumping by as much as 7.81%. However, uncertainty over the final deal and signals from the Federal Reserve have introduced caution, prompting analysts to warn of short-term correction risks.
SpaceX is set to debut on Wall Street in what is expected to be the largest IPO in history, with a valuation near $1.8 trillion. However, the company has barred Chinese and Hong Kong investors, citing US national security regulations, while analysts warn the valuation may be overheated.
Mexico began the 2026 FIFA World Cup with a 2-0 victory over South Africa at the Estadio Azteca. Julian Quinones scored the tournament's opening goal on nine minutes, with Raul Jimenez adding a second in the 67th minute. South Africa finished with nine men after two red cards.
North Korean leader Kim Jong-un sent a congratulatory letter to Russian President Vladimir Putin on Russia Day, reaffirming unwavering support for Moscow's policies and highlighting the deepening alliance under their comprehensive strategic partnership treaty. The treaty, signed in June 2024, has led to military cooperation, including the deployment of North Korean troops to support Russia in Ukraine, and the countries continue to strengthen bilateral ties.
US President Donald Trump cancelled planned strikes on Iran, citing that negotiations had reached the highest levels of Iranian leadership and that final points of a deal were approved by all parties. The announcement came amid reports of Qatari mediation and expectations of a signing in Europe. Regional reactions and details of the proposed agreement continue to emerge.
During South Korean President Lee Jae Myung's state visit to Italy, the two countries agreed to elevate bilateral ties to a special strategic partnership, covering cooperation in semiconductors, AI, and other strategic areas. Lee received Italy's highest state decoration, and both sides signed agreements on technology, Africa development, and cultural exchanges.
A Serbian UN peacekeeper was killed and two others wounded in a mortar attack near Marjayoun, Lebanon. Israel's UN ambassador criticized the Security Council for failing to explicitly condemn Hezbollah, while the UN Secretary-General proposed a new force to replace UNIFIL and called for a full ceasefire.
Seoul will host outdoor cheering events at Gwanghwamun Square for South Korea's three group matches in the 2026 FIFA World Cup, organized by the Korea Football Association with KT and the Red Devils, according to multiple reports.
South Korea's National Assembly has begun formal steps toward a parliamentary investigation into ballot shortages reported during the June 3 local elections, with both ruling and opposition parties submitting requests. Meanwhile, the main opposition People Power Party elected a new floor leader following its electoral defeat and the resignation of its previous leader.
South Korea announced its 24-man baseball roster for the 2026 Asian Games in Aichi Prefecture, Japan, with 2024 KBO MVP Kim Do-yeong among the selections. Manager Ryu Ji-hyun expressed expectations of a fifth consecutive gold medal, while the KBO continued its youth-focused selection strategy.
South Korea's data protection regulator fined Coupang a record 624.7 billion won ($410 million) for a data breach affecting over 37 million users and unauthorized collection of online activity data. The company expressed regret and plans to challenge the fine legally.
South Korean banks are tightening lending criteria as household loans rose at the fastest pace in nearly two years in May, driven by individuals borrowing to invest in a surging stock market. Data from the Bank of Korea shows outstanding household loans increased by 6.9 trillion won, with non-mortgage loans seeing their largest jump since 2021 as the KOSPI crossed 8,000.
South Korea's managed fiscal balance improved in the first four months of 2026, with the deficit narrowing to 36.6 trillion won amid a sharp rise in tax revenue, driven by robust corporate earnings and a stock market surge linked to the AI boom. Budget Minister Park Hong-keun met with experts to discuss fiscal policy, with suggestions for proactive investment in AI and semiconductor infrastructure.
Police raided South Korea's National Election Commission and its local offices over ballot shortages that disrupted voting in last week's local elections. More than 100 investigators were mobilized, and a travel ban was placed on the former commission chief amid the probe.
Thomas Hatch, a 31-year-old American right-hander, has joined the SSG Landers in the Korea Baseball Organization, replacing injured starter Mitch White. Hatch, who has played in the U.S., Canada, and Japan, says he is focused on taking things day by day and contributing to the Landers' midseason turnaround.
South Korea's job market contracted in May, with employment falling by 40,000 year-on-year, the first drop in 17 months. The decline was driven by losses in manufacturing and science-technology services, while the government attributed the downturn to economic uncertainties linked to the prolonged Middle East conflict. Youth employment also saw a sharp fall, with the employment rate for those aged 15-29 dropping to 43.8%.
A second South Korean-operated vessel has successfully transited the Strait of Hormuz, reducing the number of stranded ships and sailors. An LNG carrier with eight Korean crew members departed after consultations between the shipper and a foreign charterer. Meanwhile, an earlier stranded oil tanker arrived in Ulsan, carrying Kuwaiti crude, as Seoul continues to seek alternative routes for oil imports.
South Korea defeated Czechia 2-1 in their Group A opener at the 2026 FIFA World Cup, with coach Hong Myung-bo crediting altitude training in Utah. The team will next face Mexico, a match that pits midfielder Lee Kang-in against his former club coach Javier Aguirre.
The United States and Japan have reiterated their commitment to the complete denuclearization of North Korea during defense talks in Tokyo, rejecting Russia's view that the issue is closed. Washington also stated it remains open to dialogue without preconditions, while G7 leaders echoed the same commitment and expressed concern over North Korea's nuclear programs.
South Korean President Lee Jae Myung and EU leaders issued a joint statement strongly condemning military cooperation between North Korea and Russia as illegal and a factor enabling Russia's war in Ukraine. The two sides also called on Pyongyang to comply with non-proliferation obligations and agreed to begin negotiations on a bilateral information security pact.