Korea's July Inflation Data in Focus as US Employment Indicators and SpaceX Earnings Await

The upcoming inflation data for July will be closely watched in South Korea and globally. The National Data Agency is set to release its 'July Consumer Price Trends' on July 4th, which will indicate whether the consumer price index has fallen below 3% from a year earlier.

The government's maximum oil price system has been implemented to control inflation, but with international oil prices decreasing in July and the government's price stabilization measures continuing, it is uncertain if this will be enough to bring the rate down. The Bank of Korea will also release its 'Preliminary June Balance of Payments' statistics on July 6th.

The current account posted a surplus of $38.61 billion in May, marking a record high, and with exports of semiconductors, computers, and automobiles continuing to be strong, a large-scale surplus trend is expected to have continued in June.

Overseas, attention is focused on the relay of U.S. employment indicators, which include job openings and labor turnover data, new hires, and nonfarm payrolls. Stronger-than-expected employment indicators could highlight the need for the Federal Reserve to respond to inflation, potentially leading to a rate hike.

Palantir and AMD will release earnings this week, and SpaceX will also report its first quarterly earnings since going public. The 6th is the expiry date for the first lockup on SpaceX shares, with about 910 million shares, or 20% of the total lockup volume, set to be released.