00:00SpaceX just posted a profit that doubled expectations, and its bonds are sending a warning.
00:05It's Friday, October 23.
00:07Here's why global investors are paying attention to Korea today.
00:11Four more stories shape the global picture.
00:13Goldman's LP survey, SK's valuation debate, the Bank of Korea's pause, and a new Middle East risk.
00:20Here's what the numbers show.
00:22SpaceX's 2046 bond spread widened by 0.09 percentage points to 2.64, a signal that credit markets are pricing
00:31in more debt.
00:32The CFO confirmed aggressive spending on AI and Starlink, and the company raised $25 billion in bonds in June.
00:39Its five-year CDS climbed to about 232.6 basis points, reversing the earlier tightening trend.
00:46Goldman Sachs surveyed 225 global limited partners.
00:5084% plan to hold or increase their commitments next year, while 37% expect to raise them.
00:57Geopolitical tension remains the top risk for the third straight year, and liquidity is emerging as a binding constraint on
01:03new allocations.
01:05On the equity side, Align Partners argues that SK trades at a price-to-earnings ratio of about 1.0
01:11times once its holdings in SK Hynix are properly counted.
01:15Whether that thesis holds is a question global investors will test against the company's own value-up plan.
01:20The Bank of Korea held its benchmark rate at 3%, the first pause in five months.
01:26Governor Shin signaled that tightening will continue, with inflation expected to reach 2.7% this year and above the
01:32earlier forecast next year.
01:34The market now expects one to three more hikes before mid-next year, with a final rate of 3.75
01:40% in some scenarios.
01:41The New York Times reports that the United States and Israel are weighing a three-day intensive air campaign against
01:47Iran after the midterm elections.
01:50West Texas crude moved back above $100 a barrel in Asian trading.
01:54So what does this mean for global investors weighing Korea exposure this quarter?
01:58Widening CDS on a flagship issuer tells you that the cost of funding AI growth is rising, even when earnings
02:05beat.
02:05For Korea, the rate path, the once real effective strength, and the gulf risk are three variables that will shape
02:11positioning.
02:12Hedging costs and sector rotation should be reviewed before year-end.
02:16That's today's AI Prism, Global Investors.
02:19This episode was produced with AI Assistants based on Seoul Economic Daily Reporting.
02:25AI Prism is a Juan Ifra Award-winning series.
02:29We'll be back tomorrow.
