Bloomberg — 2026-07-10#

Lead Story#

SK Hynix Inc. pulled off a historic $26.5 billion American depositary receipt offering, marking the largest-ever US first-time share sale by a foreign company. The South Korean memory chipmaker’s shares were indicated to open 21% above their offering price, immediately unleashing a fresh wave of leveraged ETFs onto Wall Street. Bolstered by the blockbuster tech debut, SK Group Chairman Chey Tae-won signaled the conglomerate’s willingness to issue more shares and pledged a “much, much bigger” investment plan for the United States.

Markets & Economics#

• Japan Calls on Pensions to Increase Domestic Investments: Finance Minister Satsuki Katayama urged Japanese pension funds, including the massive $1.81 trillion Government Pension Investment Fund, to boost their domestic financial asset holdings. The unexpected mandate spurred a sharp rally in the yen and long-term bonds from multi-decade lows, though strategists remain divided on the trend’s sustainability.
• RBI Faces $100 Billion Challenge After Record Currency Defense: India’s central bank is confronting the delicate task of unwinding $106.7 billion in bearish dollar bets built up to defend a persistently weak rupee. The massive short forward positions ballooned in May, testing the Reserve Bank of India’s ability to normalize its balance sheet without destabilizing the currency market.
• Carry Trades Face Best Conditions Since 2000, Goldman Sachs Says: The $9.5 trillion-a-day currency market is offering the most compelling backdrop for carry trades in over two decades, according to strategists at Goldman Sachs Group Inc.

Business & Industries#

• EasyJet Gets Surprise Apollo Offer That Beats Castlelake Bid: Apollo Global Management launched a £5.7 billion (715 pence-a-share) takeover bid for the UK budget carrier, outmaneuvering a rival proposal from Castlelake. The airline’s board indicated it is now minded to recommend Apollo’s superior offer to shareholders, setting up a potential bidding war between the US investment funds.
• Niel Becomes Biggest Vodafone Shareholder With $6 Billion Stake: French billionaire Xavier Niel agreed to acquire a $6 billion stake in Vodafone Group Plc from Emirates Telecommunications Group Co. The transaction instantly makes Niel the largest single shareholder in the British telecommunications giant.
• Delta Reaffirms Profit Guidance as Premium Demand Rises: Delta Air Lines posted an adjusted $1.56 a share for the second quarter, topping analyst estimates. The carrier noted that robust demand for international, corporate, and premium travel successfully absorbed the airline’s highest-ever quarterly fuel expenses.
• Apple Sues OpenAI for Trade Secret Theft,US: Declare Hormuz Open: Apple has filed a lawsuit against artificial intelligence startup OpenAI, alleging the theft of trade secrets .

Policy & World#

• Trump Says Ceasefire With Iran Is Over: President Donald Trump declared the US-Iran ceasefire “over” and demanded Tehran publicly guarantee the Strait of Hormuz remains open to all civilian shipping. Despite the frayed truce and fresh US sanctions targeting the Supreme Leader’s financial network, technical talks between the two nations are slated to continue.
• Hundreds Of Labour MP’s Back Andy Burnham For PM: Andy Burnham’s path to becoming the UK’s next prime minister looks all but certain after 322 of 403 Labour members of Parliament formally nominated him to replace Keir Starmer.
• Trump Won’t Sign Housing Bill But Will Allow It to Become Law: President Trump announced he will refuse to sign the 21st Century Housing Act to protest lawmakers ignoring his voter-ID priorities. However, he will allow the landmark bipartisan legislation to become law without his signature.

Opinion & Analysis#

• Private Equity’s London Raids Work Every Time: With the EasyJet battle raging, Bloomberg Opinion argues that US private equity firms have perfected a winning formula to break the will of publicly traded UK targets by making cheap offers and letting shareholder outrage force boards to the negotiating table .
• Japan’s Yen Fix Starts With Its Pension Cash Coming Home: Bloomberg Opinion explores whether Tokyo has finally broken the “strengthen-yen-here” emergency glass by wielding its massive, state-directed pension funds to engineer a much-needed currency turnaround .