00:00SpaceX just posted a profit that doubled expectations, and its bonds are sending a
00:05warning. It's Friday, October 23. Here's why global investors are paying attention to Korea today.
00:11Four more stories shape the global picture. Goldman's LP survey, SK's valuation debate,
00:17the Bank of Korea's pause, and a new Middle East risk. Here's what the numbers show.
00:22SpaceX's 2046 bond spread widened by 0.09 percentage points to 2.64, a signal that
00:30credit markets are pricing in more debt. The CFO confirmed aggressive spending on AI and Starlink,
00:35and the company raised $25 billion in bonds in June. Its five-year CDS climbed to about 232.6 basis
00:43points, reversing the earlier tightening trend. Goldman 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,
01:01and liquidity is emerging as a binding constraint on new 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. Whether that thesis holds is a question
01:17global investors will test against the company's own value-up plan. The Bank of Korea held its
01:22benchmark rate at 3%, the first pause in five months. Governor Shin signaled that tightening
01:27will continue, with inflation expected to reach 2.7% this year and above the earlier forecast next
01:34year. The market now expects one to three more hikes before mid-next year, with a final rate of 3
01:39.75%
01:40in some scenarios. The New York Times reports that the United States and Israel are weighing a three-day
01:46intensive air campaign against Iran after the mid-term elections. West Texas crude moved back
01:51above $100 a barrel in Asian trading. So what does this mean for global investors weighing Korea
01:57exposure this quarter? Widening CDS on a flagship issuer tells you that the cost of funding AI growth is
02:03rising, even when earnings beat. For Korea, the rate path, the once real effective strength,
02:09and the gulf risk are three variables that will shape positioning. Hedging costs and sector rotation
02:14should be reviewed before year-end. That's today's AI Prism, Global Investors. This episode was
02:21produced with AI assistance based on Seoul Economic Daily Reporting. AI Prism is a Juan IFRA award-winning
02:28series. We'll be back tomorrow.
