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The benchmark KOSPI climbed 5.42% to close at 8,930 on Thursday, extending gains from the previous session as semiconductor stocks rallied on renewed optimism over AI-driven demand. Investor sentiment was boosted after Micron Technology reported stronger-than-expected quarterly results and issued an upbeat revenue forecast, reinforcing expectations of robust demand for memory chips. Chip heavyweights Samsung Electronics and SK hynix advanced sharply by 5.29% and 13.91%, respectively. SK hynix also gained support from plans to raise up to KRW 45.5 trillion through a Nasdaq ADR listing to fund AI chip capacity expansion and related investments. Other gainers included SK Square (6.61%), SK Inc. (20.51%), Hyundai Mobis (1.38%), HD Hyundai Electric (1.92%), and Kia Corporation (0.7%). At the same time, improving shipping conditions in the Strait of Hormuz eased energy supply concerns and supported risk appetite across regional markets.

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Bank of Japan should continue raising interest rates at intervals of a few months, board member Naoki Tamura said in a speech, arguing the policy rate should gradually move toward a neutral level of around 2%, above the current 1%. He noted inflationary pressures are likely to strengthen regardless of Middle East tensions, with higher import costs expected to pass through to consumer prices more quickly and broadly than after Russia’s 2022 invasion of Ukraine, reflecting shifts in firms’ pricing behavior. “Considering the recent increase in upside risks to prices, what I envisage as a baseline path is raising the policy interest rate by 0.25 percentage points at intervals of a few months toward the neutral interest rate level of 2%,” Tamura said. He added that if inflation risks intensify, the central bank should “accelerate the pace of rate hikes without hesitation” by increasing either the frequency or size of moves.

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The Shanghai Composite rose 0.23% to close at 4,120 on Thursday, while the Shenzhen Component advanced 1.82% to 16,344, extending gains from the previous session as technology stocks resumed their rally following upbeat results from Micron Technology. The chipmaking giant's strong quarterly earnings and robust revenue forecast bolstered expectations of sustained AI-driven demand. Chinese chipmakers and tech firms outperformed, including Cambricon Technologies (3.58%), Hygon Information Technology (6.88%), SMIC (3.52%), Eoptolink Technology (9.94%), and NAURA Technology (3.63%). On the monetary policy front, the People's Bank of China announced that it will introduce overnight reverse repo operations on June 29–30 as part of the next phase of its monetary policy framework reform. The new overnight facility will complement the existing seven-day reverse repo rate of 1.4%, which remains the PBOC's primary policy benchmark.

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The People's Bank of China said it will conduct overnight reverse repurchase operations on Monday and Tuesday to improve short-term liquidity management in the banking system. The move follows Governor Pan Gongsheng's remarks last week that the central bank would broaden its short-term liquidity toolkit by introducing overnight reverse repos and narrowing the interest-rate corridor for its temporary repo and reverse repo facilities. According to the PBoC, the overnight reverse repos will be carried out through fixed-rate, quantity-based bidding. Pan also said the central bank will optimize its temporary overnight repo and reverse repo operations by narrowing the interest-rate corridor to 50 basis points from 70 basis points, a step aimed at strengthening interest-rate guidance and improving the effectiveness of monetary policy implementation.

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The NZX 50 rose 92 points, or 0.7%, to 13,493 on Thursday, erasing losses from the previous three sessions, mainly boosted by gains in energy, healthcare, consumer staples, and communication services. The broader index tracked a rise in US futures after Micron posted a sizeable earnings beat and a better-than-expected outlook. Easing oil prices also lifted sentiment as inflation concerns moderated, reducing expectations of an interest rate hike. However, traders remained cautious ahead of the release of the final US Q1 GDP data and the May PCE Price Index later today, which could provide clues about the Fed's monetary policy decision at its upcoming meeting. A2 Milk surged 3.3% after declaring a USD 300 million special dividend for shareholders following the clearance of Chinese regulatory hurdles. Other gainers included Fisher & Paykel Healthcare (3.2%), Skellerup Holdings (2.7%), Ebos Group (1.6%), and Hallenstein Glasson Holdings (1.5%).

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Saudi Arabia’s trade surplus expanded to SAR 25.4 billion in April 2026, more than doubling from SAR 12.7 billion in the same month last year, as exports increased while imports declined. Exports rose 9.3% from a year earlier to SAR 101.2 billion, mainly driven by an 11.7% increase in oil exports, which represented 68.8% of total exports. Meanwhile, non-oil exports fell 7.3% amid a decline in shipments of plastic and rubber products (-12.4%), which accounted for 17.1% of total non-oil exports. China remained the leading destination for Saudi exports, accounting for 15.2% of the total, followed by the UAE (10.6%) and South Korea (9.7%). Imports decreased 5.2% to SAR 75.7 billion, largely due to a sharp drop in transport equipment imports (-34.1%). China also remained the largest source of imports, making up 29.4% of the total, followed by the UAE (7.9%) and the US (7.2%).

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The ASX 200 slipped 60 points, or 0.7%, to close at 8,749 on Thursday, erasing modest gains from the previous session and touching its lowest level in two weeks. A stronger-than-expected rise in Australia's employment during May added weight to expectations that the Reserve Bank will keep its hawkish stance, with Deputy Governor Andrew Hauser stressing that inflation remains “too high” and that more work may be needed. Still, losses were capped by firmer U.S. stock futures after Wall Street’s third straight drop for the S&P 500 and Nasdaq, led by tech. Non-energy minerals, energy, electronic tech, and industrial services dragged, with gold miners sliding as bullion hit a seven-month low, amid steep falls from Evolution Mining (-3.9%) and Northern Star Resources (-3.1%). Also, the big four banks shed between 1.2% and 3.7%. Energy names Woodside (-3.3%) and Santos (-2.6%) dipped as oil retreated to pre-Iran war levels. Judo Capital plunged 39% after cutting its 2026 earnings outlook.

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India’s BSE Sensex pared early gains to end marginally up at 77,100.5 on Thursday, extending prior session's advance, as investors reduced positions in late trade ahead of a long weekend. Buying activity was concentrated in banking and automobile stocks, while IT and metals lagged. IndiGo (+4.6%), Mahindra & Mahindra (+4.2%) and Maruti (+3.8%) were among the top gainers.. Banks continued to benefit from the RBI’s decision to allow loans against foreign currency deposits. SBI and ICICI Bank gained 1% each, Kotak Mahindra Bank rose 0.7% and HDFC Bank added 0.4%. On the flip side, Power Grid (-2.4%), BEL (-1.7%), Tech Mahindra (-1.7%), Infosys (-1.4%) and Bharti Airtel (-1.4%) posted the biggest losses. For the week, the index rose 0.4%. The stock market will be shut on Friday, June 26, in observance of Muharram.

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The Ibovespa gained near 0.5% to trade above the 171,000 mark on Thursday as investors digested inflation data. Bond yields moved lower after June's mid-month inflation reading came in below market expectations, reinforcing bets that price pressures may be easing. Adding to the decline in yields,Major banks traded higher, with Itaْ, Bradesco, and Banco do Brasil up around 2%. Utilities also advanced, with Axia and Sabesp gaining nearly 2%. Other notable performers included WEG (+1%), Rede D'Or (+1%), and Embraer (+2%). Markets also assessed the BCB’s monetary policy report, which revised GDP growth forecasts higher and more directly flagged concerns over government stimulus measures. On the downside, Braskem gained 0.6% despite filling for emergency protection against creditors as talks for an out-of-court solution to its mounting debt woes hit snags.

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The S&P/TSX Composite Index gained 0.5% to trade near the 35,000 mark on Thursday, supported by gains in the financial and mining sectors.Lower energy costs pushed bond yields down by easing inflation concerns, lifting financial stocks and the broader index. TD Bank, BMO, and Brookfield added around 1%. Gold prices edged higher, supporting mining shares. Agnico Eagle, Barrick, and Franco-Nevada gained nearly 2%, while WPM rose more than 1%. Meanwhile, technology stocks traded mixed after upbeat forecasts from Micron and Qualcomm pointed to resilient AI demand. Celestica added over 1% and Constellation Software rose more than 0.5%, while Shopify fell about 1%. Investors also assessed the latest minutes from the Bank of Canada, which showed policymakers agreed to keep monetary policy flexible in response to potential new US trade restrictions and shifts in energy prices.

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Heavyweight tech companies in the US diverged further on Thursday as hyperscale cloud providers sank and chip producers rallied. The S&P 500 was flat and the Nasdaq 100 gained, while strength in non-tech sectors lifted the Dow to a new record of 52,500. Micron surged 15% after beating earnings and forecasting a revenue of $50 billion in the quarter to August, above the expectations, and Qualcomm jumped 10% after doubling its projection for non-handset revenue in the next three years. On the other hand, Nvidia, Oracle, Amazon, Alphabet, and Microsoft dropped more than 2% to stretch the pivot from software companies to AI infrastructure developers. Also, Apple tanked 6.5% as it was forced to raise iPad and Mac prices amid rising memory costs. Softer inflationary risks supported broader sectors as energy prices continued fall and PCE price indices were within expectations. Banking shares also rose as lenders will raise their dividends after passing the Federal Reserve's stress test.

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European stocks closed higher on Thursday, gaining traction from a muted session yesterday amid fresh support from the tech sector. Euro STOXX 50 gained 0.8% to 6,263 and the STOXX Europe 600 rose 0.8% to a record high of 640. Chip stocks and companies with exposure to AI infrastructure surged following their pullback yesterday after the strong guidance by Micron in the US restored some confidence in the AI trade. ASML added 2.6% and Infineon gained 2.3%, while Siemens Energy jumped 2.5%. Meanwhile, banks also rebounded as energy prices retreated further and lowered sovereign yields in the Eurozone, supporting the outlook for credit activity. BNP Paribas and BBVA rose 1.5%. Lastly, Bayer surged close to 20%, its strongest session in 23 years after the US Supreme Court sided with the drugmaker on lawsuits concerning its Roundup weedkiller.

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The FTSE 100 advanced more than 0.5% on Thursday, aligning with broader European markets. Gains were primarily driven by a global rebound in technology sentiment, strong corporate updates, and renewed takeover activity. HSBC rose 1.1%, 3i jumped 11.5%, and AstraZeneca gained 1.1%, alongside broader support from banking, mining, and consumer equities. Budget airline operator EasyJet climbed over 6% after rejecting a fourth takeover proposal from investment firm Castlelake while simultaneously extending the deadline for potential future offers. Financial giant Barclays also advanced nearly 3% following announcements that its US division exceeded mandatory capital thresholds in recent Federal Reserve stress tests. Conversely, energy majors Shell and BP finished lower, pressured by a volatile oil market that traded down for most of the session before recovering late in the UK schedule on renewed concerns over Strait of Hormuz flows.

EFG Hermes announced the successful completion of advisory services for a securitization bond issuance for Premium, totaling EGP 239 million. This is Premium's eleventh issuance and the first under EFG Hermes Securitization's fourteenth securitization program.

The portfolio-backed securitization was managed by EFG Hermes Securitization, which acted as the Special Purpose Vehicle (SPV) for the issuance.

The 36-month issuance was structured in two fixed-rate tranches: Tranche A, valued at EGP 66.9 million with a 12-month maturity and a P1 credit rating; and Tranche B, valued at EGP 172.1 million with a 36-month maturity and an A- credit rating. This transaction further strengthens EFG Hermes' ongoing activity in Egypt's debt markets, where securitization remains a crucial financing tool for companies seeking to diversify their funding sources and free up liquidity from their receivables portfolio.

Leveraging its expertise in advisory, structuring, and execution, EFG Hermes continues to support companies in finding financing solutions that align with investor needs and market developments.

In this context, Mai Hamdy, Executive Director of Debt Markets at EFG Hermes' Investment and Underwriting division, expressed her satisfaction with the continued partnership with Premium, highlighting the successful completion of its eleventh issuance and the first under EFG Hermes' fourteenth securitization program.

Hamdy emphasized that this issuance reflects the continued demand for well-structured debt instruments backed by high-quality receivables. She added that the company remains focused on providing practical financing solutions that support clients' needs while contributing to the development and deepening of Egypt's debt markets. It is worth noting that EFG Hermes acted as the sole financial advisor, sole lead manager, bookrunner, underwriter, and arranger for the issuance.

EG Bank acted as the underwriter and subscription receiver, while the Arab African International Bank (AAIB) served as the custodian.

Furthermore, El-Derini & Partners acted as the legal advisor for the issuance, and KPMG served as the auditor.

- Dr. Islam Azzam, Chairman of the Financial Regulatory Authority:

• We are keeping pace with best international practices and recommendations to support the sector's efficiency and attractiveness to investment.

• The decision aims to ensure integration between reinsurance and risk management and contributes to improving governance levels.
- Companies are required to develop a comprehensive reinsurance policy and prepare a program commensurate with their capital and business volume.
- Proactive and periodic procedures for risk assessment and management, primarily stress testing, and the development of contingency plans.

- A three-month grace period is granted for companies to comply and submit the required policy to the Authority.

The Board of Directors of the Financial Regulatory Authority, chaired by Dr. Islam Azzam, issued a decision obligating insurance companies to adhere to certain regulatory standards related to reinsurance. This decision complements the executive framework of the Unified Insurance Law No. (155) of 2024, aiming to enhance the efficiency of risk management in companies operating within the insurance sector.

The new decision, No. (98) of 2026, was recently published in the Official Gazette and includes a set of obligations for managing reinsurance operations as a key tool for transferring and distributing risk. This supports the financial solvency of insurance companies, reduces the risk of financial distress, enhances protection for policyholders and beneficiaries, and ensures the sustainability and growth of the sector.

Dr. Islam Azzam, Chairman of the Financial Regulatory Authority, stated that the decision reflects the Authority's strong focus on the insurance sector. The Authority aims to keep pace with global changes and best practices and recommendations issued by the International Association of Insurance Supervisors (IAIS) to improve the efficiency of reinsurance and increase the sector's overall investment attractiveness.

He added that the standards set by the Authority represent one of the most important technical tools for risk management. They are linked to the development of a coherent reinsurance policy that clarifies the reasons for resorting to reinsurance as a means of transferring risk and its economic feasibility for the company. This includes the company's risk appetite and portfolio diversification according to the types of risks it faces, its ability to bear the credit risks it incurs as a result of its dealings with reinsurance companies, the target markets for reinsurance operations, the criteria for selecting reinsurers, the circumstances under which it utilizes external parties such as reinsurance brokers or general management agents and the criteria for their selection, and the procedures to be followed for managing the liquidity risk associated with reinsurance contracts.

Dr. Islam Azzam explained that all insurance companies must provide the Authority with their reinsurance policy and any amendments thereto, as well as details of their reinsurance program, within a maximum of two months from the date of its preparation or renewal. They must also verify the efficiency and effectiveness of the policy's implementation and review it periodically.

The decision requires insurance companies to prepare reinsurance programs commensurate with their business size and capital, specifying risk retention limits and maximum financial liabilities that can be sustained. This contributes to achieving a balance between business expansion and maintaining the companies' financial stability.

To enhance companies' resilience to crises and exceptional circumstances, the decision mandates that companies establish comprehensive procedures for managing reinsurance risks. These procedures include periodic risk reviews, the development of contingency plans to address reinsurers' defaults or bankruptcies, and the conduct of stress tests and various scenarios to assess the impact of potential risks on companies' financial positions and capital requirements. This also involves identifying, monitoring, evaluating, and controlling risks, and developing the necessary contingency plans to address them.

Furthermore, the decision includes several controls to enhance transparency and governance. These include clear terms for reinsurance contracts, provisions to be followed in the event of bankruptcy of any party, and a requirement for companies to provide the Authority with reinsurance agreements and related data and statistics. This enables the Authority to monitor concentration and credit risks associated with reinsurers and take the necessary supervisory actions in a timely manner. The decision enhances the role of insurance company boards of directors in supervising and periodically reviewing reinsurance policies and programs, while obligating companies to notify the Authority of any material amendments or deviations in implementation, in support of the principles of governance, internal control and risk management. The decision grants insurance companies a three-month grace period ending on September 18, to adjust their situations and provide the Authority with the approved reinsurance policies.