Daily Digest — 28 Jul 2026

South Korea’s Kospi index plunged 10% today, the sharpest drop in years, dragging down US stock futures and crypto markets as the tight correlation between Korean and US tech stocks reached its highest level since 2021. Bitcoin slid 3% to $⁠63,394, with Ethereum and Solana also falling, as the sell-off in Asia spilled over into digital assets. The Kospi’s rout was driven by semiconductor stocks, which are deeply linked to the Nasdaq, and investors are now worried about the vulnerability of this cross-border dependency.

Oil extended its decline, dropping 1.2% to $⁠81.64, as signals of a pause in US-Iran hostilities raised hopes for de-escalation in the Gulf, a critical chokepoint for global energy supplies. Meanwhile, gold slipped 0.9% to $⁠4,042, while silver fell 2.6%, reflecting a broader risk-off mood.

In the AI world, the debate over open-weights models intensified. Anthropic’s CEO Dario Amodei clarified that his company does not oppose open models but fears Chinese AI capabilities — a stance echoed by a new post arguing that a task-trained open model can beat frontier models for a fraction of the cost. Microsoft’s Satya Nadella warned that companies trusting a single AI provider may not survive, advocating for “AI gateways” to diversify model usage. Separately, code editor Cursor is making its biggest India push ahead of its SpaceX acquisition, with localized pricing and hiring plans.

In the UK, Prime Minister Andy Burnham announced plans to offer technical subjects from age 14, aligning curricula with local jobs in AI and manufacturing. The move is part of a broader effort to reduce rough sleeping and boost skills.

Elsewhere, New York City Mayor Zohran Mamdani launched a 30% discount grocery program to tackle the cost of living crisis. In Malaysia, police detained more than 100 Rohingya who were seeking help from the UN, highlighting the ongoing plight of refugees in Southeast Asia. And devastating wildfires continue to rage across Europe, with a blaze near Bordeaux scorching over 420 sq km and new heatwaves expected in Spain and France.