GLOBAL MARKET CALL: Momentum Is Back

Momentum is back in the Go Global trade. The rotation that hit the AI-linked stock markets in July has reversed, and the leadership that held for most of 2026 is back in play.

South Korea is the clearest sign of this development. The KOSPI is up more than 20% from its July 30 closing low. That ends a brutal stretch. The index fell almost 40% from its June peak as leveraged single-stock ETFs unwound, margin calls cascaded through retail accounts, and regulators halted new listings of the equity products that had fueled the run.