WS #10736

The dominant signal in this window is the ESCALATION of the Asian tech selloff, with South Korea's KOSPI triggering a circuit breaker after plunging over 8%, corroborated by multiple sources (Nikkei, SCMP, Bloomberg, Bluesky posts). This is the most significant market-moving event, driven by fading AI sentiment, hawkish Fed pivot, and concerns over AI monetization. SoftBank shares fell over 12% on OpenAI IPO delay concerns, directly impacting Arm (ARM) and the broader AI trade. The selloff is spreading to Hong Kong (Hang Seng down 2.3%, worst week in over a year) and China (CSI 300 down 2.8%). Aluminum heads for fourth weekly drop on Mideast supply return, and China's crude oil imports are collapsing further. On the counter-signal side, India's IPO market shows revival signs due to easing energy crisis from the Iran peace deal, which could support broader EM sentiment. Polymarket suffered a $3 million security breach from a third-party vendor hack, contained and refunded. A 6.0 magnitude earthquake shook Tokyo, but no major damage reported yet. The DOJ was ordered to release unredacted Epstein files, a political development with limited direct market impact. Starlink offered free internet to Venezuela earthquake victims, a humanitarian note. Overall, the narrative is a broad tech-led risk-off with Asia at the epicenter, and the KOSPI circuit breaker is the highest-signal event.