ふくろう@

[日本経済新聞 電子版（日経電子版） @nikkei]

ソニー銀行、数万曲の音楽に間接投資　デジタル証券の提供へ
https://t.co/c6HpG1ICsq

[zerohedge @zerohedge]

As of July 13, 1.2 million Korean leveraged retail accounts triggered margin calls; of these, 320,000–360,000 accounts were fully forcibly liquidated by brokers (some had partial negative balances owed to brokers).

[ブルームバーグニュース @BloombergJapan]

片山金融相、GPIFなど年金基金の国内投資を後押し－発言でトリプル高 https://t.co/bsJ8gJ7KST

[Joe Takayama | Backpack🎒 @TakayamaJoe]

【悲報:🇳🇱オランダが含み益に課税へ】
オランダ下院が2026年2月12日、株・債券・暗号資産の「未実現含み益」にも一律36%を課す法案を可決した。施行は2028年1月1日。

新制度では、利子・配当だけでなく、株式・債券・暗号資産の年間値上がり分(含み益)もそのまま課税対象になります。毎年1月1日〜12月31日の時価増加分が課税ベースとなる「時価評価課税」で、1人あたり年間1,800ユーロの非課税枠を超えた純利益に36%の均一税が適用されます。

欧州の課税史上、未実現益への年次課税をこれほどの規模で導入した例は極めて稀で、ノルウェー・スウェーデン・フランスの過去事例はいずれも「資本は税制シグナルに地理的移動で応える」ことを示しています。他のほとんどの欧州諸国は、資本利得課税を「売却時のみ」に限定しています。

議会審議中に飛び出したある議員の言葉が、この法の本質を突いています。「一時的な法ほど永続するものはない」と。現在、法案は上院の審議待ちですが、下院で賛成した政党が上院でも過半数を占めており、最終承認される可能性が高いと見られています。

[日本経済新聞 電子版（日経電子版） @nikkei]

ソニー銀行、米国で27年度にステーブルコイン発行へ　当局が仮承認
https://t.co/om26eEnjMa

[Diario Japonés - ディアリオ・ハポネス @sakagogablog]

🇧🇷カゼミーロが涙した記者の質問

🗣️
私たちは数ヶ月でこの敗戦から立ち直るでしょう。
でもブラジルの子供たちは違います。

昔のカゼミーロは、憧れのリヴァウドやロナウドが負けるのを見て希望を失い、それでも前に進みました。

あなたと同じような子供たちが見ています。子供たちにメッセージを。

[Fooootest（サッカーブログ） @Fooootest]

ネイマールが今大会初ゴール🇧🇷🔥

“最後のW杯”で完璧なPKを披露✨

🎥@DAZN_JPN

[Barchart @Barchart]

$8.3 Trillion is now sitting in money market funds, an all-time high 🚨🤑

[Bruce Ikemizu @BruceIkeGold]

米国のマネーサプライ（通貨供給量）M2が史上初めて$23 trillionを超えました。Fiat Moneyは刷られて増え続けます。ゴールドは刷ることはできません。 その価値関係がどうなっていくか、長期的にはこのチャートが示す通りだと思います。

[Global Markets Investor @GlobalMktObserv]

‼️South Korean retail investors are betting on stocks with borrowed money at a record pace:

Margin loans in South Korea have surged to a record 38 trillion won, or ~$24.8 billion.

This is more than DOUBLING over the last 12 months and well above the previous peak of ~24 trillion won set during the 2021 retail frenzy.

Meanwhile, the KOSPI index fell as much as -9% on Friday, forcing the Korea Exchange to trigger a 20-minute circuit breaker, the 5th activation this year out of just 11 total episodes since 2000.

This also follows the KOSPI's -10% crash on Tuesday, its 3rd-largest single-day decline in history.

Margin calls are surging in Korea.

[FAN INTER-MESSI @FANFOOTMESSI]

Les coéquipiers de Messi l'aiment tellement 🥹❤️

[Copa Mundial FIFA 🏆 @fifaworldcup_es]

Abrazos de gol.
Abrazos de victoria.
Abrazos en la derrota.
Abrazos de campeones. ⭐⭐⭐

¡Feliz cumpleaños al conductor de #LaScaloneta, @lioscaloni! 🇦🇷🏆

#CopaMundialFIFA

[El Economista @ElEconomista_]

🚨 PEPSICO ANUNCIÓ EL FIN DE LOS CAMIONEROS

🤖 La compañía ya usa 41 camiones sin conductor para repartir Doritos y Cheetos en EEUU en alianza con la startup Gatik, con una tasa de entregas a tiempo del 99%.

📦 Los camiones realizan trayectos cortos entre centros de distribución, depósitos y tiendas como Walmart y Dollar General en Arizona, Texas y Arkansas.

[Barchart @Barchart]

It's time to sell your stocks and take profits says Bank of America 🚨🚨

[The Kobeissi Letter @KobeissiLetter]

Global investors are dumping South Korean stocks at an unprecedented pace:

Foreign investors sold -$801 million of Kospi-listed shares on Monday.

This follows -$10 billion in outflows recorded last week.

Foreign investors have now offloaded South Korean stocks in every trading session over the past month.

This brings total year-to-date sales to -$75 billion, according to Goldman Sachs.

By contrast, domestic retail and institutional investors bought +$69 billion over the same period.

South Korea's stock market is making history.

[Bull Theory @BullTheoryio]

🚨 EVERYTHING THAT COULD GO WRONG FOR MARKETS WENT WRONG TODAY.

S&P 500 down -1.65%, wiping out $1.14 trillion.
Nasdaq down -2.60%, wiping out $1.11 trillion.
Gold down -3.38%, wiping out $1 trillion.
Silver down -6.9%, wiping out $280 billion.
Bitcoin down -6.31%, wiping out $80 billion.

In total $2.5 TRILLION wiped out in a single session. These were not isolated moves. Everything started breaking at the same time.

It started with the jobs report this morning.

The US economy added 172,000 jobs in May. Wall Street expected 88,000. That is almost double.

On any normal day, strong jobs is good news. But inflation is already at 3.8% and oil is sitting at $90. A labor market this strong tells the Fed it cannot cut interest rates and may actually need to raise them.

The probability of a rate hike this year went from 40% to 57% in a single day. That spooked every investor holding tech and growth stocks because higher rates mean those stocks are worth less today.

Then the AI trade started cracking.

Yesterday Broadcom reported record earnings: revenue up 48%, AI chip sales up 143% and the stock still crashed 12.6%. The reason was simple.

Broadcom did not raise its AI revenue targets for the year. Investors had expected it to. That single miss made people ask a question they had been avoiding for months: are we paying too much for AI stocks?

That question got louder today when a research firm called SemiAnalysis revealed that Nvidia's next-generation AI chips will need significantly less memory than everyone assumed, roughly half of what the market was pricing in.

Memory chips are what companies like SK Hynix and Samsung make. SK Hynix fell nearly 10% today. Samsung fell over 6%.

South Korea's entire stock market crashed 5.5% in a single session. Japan's semiconductor stocks did the same.

And then Anthropic added fuel to the fire by publishing a report warning that AI is getting close to the point where it can improve itself without human help and calling for a global pause in AI development.

Coming on the same day as the memory demand news and Broadcom's miss, it fed a single growing fear across the market: what if the AI boom is moving faster than the business models can keep up with?

Underneath all of this, there is a liquidity problem nobody is talking about.

SpaceX goes public next week at a $1.75 trillion valuation. Anthropic just filed to go public. OpenAI is next.

These three companies together are worth $4 to $5 trillion. Fund managers need cash to buy into these listings.

But cash levels are already at their lowest since early 2024. The only way to raise cash is to sell what they already own. That selling is happening right now.

The new Fed Chair Kevin Warsh will also hold his very first policy meeting in 11 days. He was appointed by Trump with the expectation of cutting rates.

He is now walking into a situation where inflation is high, oil is high, and the job market is running hot. Investors do not know what he will do.

When nobody knows what the most powerful central banker in the world will decide in less than two weeks, the safest move is to reduce risk today.

Everything that could go wrong, went wrong at the same time. A hot jobs report, a collapsing ceasefire, a crack in the AI trade, a trillion dollar liquidity drain, and a Fed meeting with no clear outcome.

[Global Markets Investor @GlobalMktObserv]

🔴Leveraged bets on South Korean stocks are SKYROCKETING:

Margin loans in South Korea surged to a record ~$24.7 billion (38 trillion won) on May 29, up +39% from ~$17.8 billion (27.3 trillion won) at end-2025.

Margin debt in South Korea has more than DOUBLED over the last 12 months.

This figure likely understates the full picture, as many stock-backed loans are recorded under different categories or extended by smaller lenders outside the official reporting scope.

Margin loans carry annual interest rates of 7% to 9%, meaning if stock prices fall, brokerages can forcibly liquidate positions to recover their loans, setting the stage for a rapid and self-reinforcing selloff.

Leverage this extreme can turn a market correction into a margin call cascade.

[Bull Theory @BullTheoryio]

BREAKING: Over ₩503,700,000,000,000 ($345 BILLION) wiped out from South Korea's stock market as KOSPI dumps -6.9%.

[T.Kamada @Kamada3]

バンク・オブ・アメリカの貴金属部門は、年末までに銀価格が309ドルまで急騰すると予測している . -- Barchart