July 28, 2026

South Korea's benchmark Kospi index plunged about 10.8% on July 28, triggering a market-wide circuit breaker, as a global retreat from semiconductor stocks battered heavyweights Samsung Electronics and SK Hynix.

Japan's Nikkei 225 fell roughly 4% on July 28, dragged down by heavy losses in semiconductor shares, as a China-driven sell-off in chip stocks rippled across Asian markets and coincided with the Bank of Japan's policy meeting.

The US Federal Reserve began its two-day policy meeting on July 28, with markets expecting rates to stay at 3.50%-3.75% but pricing a roughly one-in-three chance of a hike as inflation stays elevated and energy prices climb.

Indian equity benchmarks opened broadly flat on July 28, showing resilience against a sharp global semiconductor sell-off, as gains in IT stocks offset weakness elsewhere and falling oil prices supported sentiment.

German luxury carmaker Porsche will shed around 9,000 jobs by 2035 after agreeing 5,000 further cuts, as collapsing China sales, US tariffs and a stalled electric-vehicle strategy erode its once-industry-leading margins.

The Bank of England's July Financial Stability Report warned that valuations in equities, sovereign debt and private credit markets appear stretched, leaving the financial system exposed to a sharp correction, while flagging rising AI-related cyber risks.

British fintech Revolut has been granted a full authorised deposit-taking institution licence by Australia's prudential regulator, launching Revolut Bank Australia and marking its first banking operation in the Asia-Pacific region.

The Bank of Canada kept its benchmark interest rate at 2.25% in July, its sixth consecutive hold, as policymakers judged the economy is improving and expect oil-driven inflation to ease back toward 2% by early 2027.

The UK's PRA and FCA have proposed a new, proportionate framework to let companies establish their own captive insurers domestically, offering a streamlined authorisation target of four to six weeks and lighter capital and reporting rules.

India has launched a centralised 'Your Money, Your Right' portal that lets citizens locate and reclaim unclaimed financial assets, connecting multiple regulators' systems for dormant deposits, insurance policies, dividends and mutual fund investments.

S&P Global Ratings expects insurance premium growth across the Gulf to ease this year, with the UAE slowing to around 10% after nearly 20% in 2025, attributing the moderation to maturing mandatory lines rather than weaker demand.

US chip stocks fell in premarket trading on July 28, with Micron down nearly 5% and Nvidia, AMD and Intel lower, as a China-driven sell-off in Asian semiconductors spread to Wall Street and pressured the AI trade.

The Monetary Authority of Singapore has issued a consultation paper proposing new requirements for financial institutions, part of a steady stream of 2026 reforms aimed at strengthening oversight of insurers, banks and the wider sector.

India's SEBI chairman said the Reserve Bank of India and insurance regulator IRDAI remain reluctant to allow banks and insurers into commodity derivatives trading, pausing a push to broaden participation in the market.

The Bank of England, PRA and FCA have started overseeing the first designated Critical Third Parties, technology and service providers whose systems underpin the UK financial sector, under a new resilience regime that took effect in mid-July.