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World briefing — September 22, 2026

As of 2026-09-22

What changed since yesterday

World trends

War & Conflict

As of 22 September 2026 (KST): Russia put its new Pelican ballistic missile into combat use, striking Moscow and Voronezh, and Iran passed the US seven conditions for ending the war via Qatar (three made public), warning of a decisive war if they are rejected (awaiting Trump's reply; Gulf states are due to meet at the UN General Assembly on 22 September). The Yemeni Houthis, after attempting a missile attack on Riyadh, continued an offensive aimed at all of Saudi Arabia, and CNN assessed that the conflict is widening. Sudan's army recaptured a series of RSF positions in North Kordofan, and in Myanmar the Arakan Army continued its counteroffensive around Sittwe and Ponnagyun. In Ethiopia's Tigray, local fighting continues despite mass surrenders of TPLF fighters, and the death toll from the Kenscoff massacre in Haiti was sharply revised up to 164 or more.

Geopolitics & Diplomacy

On 20 September Iran's Supreme National Security Council formally conveyed seven conditions for ending the war to the US through Qatari mediation (three public: a complete halt on all fronts, release of frozen assets and lifting of the naval blockade; four undisclosed), warning of a 'decisive war' if they are rejected. President Trump is due to meet leaders of six Gulf states at the UN General Assembly on 22 September but has yet to give an official answer, and the Hormuz tanker war continues.

On the Russia-Ukraine front, Ukraine used its home-developed 'Pelican (FP-7)' ballistic missile in combat for the first time, striking Moscow and Voronezh. In Russia's first State Duma election since the start of the war, held the same day, the ruling United Russia won 355 of 450 seats, its largest supermajority ever, in a vote held with the opposition effectively absent and Ukrainian large-scale drone attacks continuing.

After an attempted ballistic missile strike on Riyadh (intercepted), the Houthis widened their attacks across Saudi Arabia, hitting Aramco facilities in Yanbu, Taif, Baish and Farasan. CNN assessed that Saudi Arabia is failing to stop the spread of the offensive while the US is reluctant to intervene, and the possibility of a large-scale retaliation is being mentioned.

The Philippines is under dual strain, external and internal. After the 18 September collision near Palawan in which a China Coast Guard vessel hit a Philippine fisheries support ship, the 54th anniversary of the declaration of martial law on 21 September brought large protests over alleged government corruption and the unusual spectacle of some retired generals urging the military leadership to carry out a 'soft coup' (the chief of the general staff refused).

Major natural disasters are also continuing. Indonesia has deployed 64 aircraft and 54,000 personnel to fight wildfires in Borneo and Sumatra, but the haze is spreading as far as Malaysia and Singapore, and the search continues for the missing (about 126) from the ferry that sank in the Java Sea on 13 September. The effects of the Congo Ebola outbreak (3,605 dead) and the Nepal floods (6,150 missing) also continue.

Finance & Economy

Wall Street set new record highs on Monday 21 September. The Nasdaq rose 2.26% to 27,122.09, a first record since June, and the S&P 500 also gained 1.49% to 7,764.70, helped by a rally in AI and chip stocks, falling oil prices and hopes for the preliminary US-China talks in New York.

The KOSPI broke through 7,000 for the first time ever, closing at 7,007.72 (+1.65%). With chip exports for 1-20 September up 259.4% year on year, Samsung Electronics rose 4.98% and SK Hynix also gained, leading the index, while institutions net bought nearly ₩1.5 trillion.

Three days before the Trump-Xi summit in Washington on 24 September, Treasury Secretary Bessent and Vice Premier He Lifeng held eight hours of talks at JPMorgan's headquarters in New York on 20 September, agreeing to set up a US-China AI dialogue channel and to start up a Board of Trade. Tariff cuts and rare-earth implementation remain for further discussion.

Currencies and crypto moved in different directions. USD/KRW edged lower to ₩1,381.0 on strong chip exports, while the yen weakened to the ¥157s on wariness over carry-trade unwinding despite the BOJ's rate hike. Bitcoin surged to an eight-month high of about $85,500, accompanied by large short liquidations.

Emerging markets diverged widely. Argentina's country risk rose for a sixth straight session to 533 points, a four-month high, on uncertainty ahead of the presidential election, while Brazil is seeking to ease inflation pressure by formally joining Petrobras's diesel subsidy programme. Mexico is likely to hold at 6.50% at its 24 September rate decision.

Tech & Energy

In eight hours of high-level talks in New York on 20 September, the US and China agreed to set up an ‘AI dialogue channel’ and a bilateral trade body, a ‘Commerce Exchange’. Treasury Secretary Bessent called it ‘very successful’, but delivery on expanded rare-earth supplies fell short of US expectations, so further bargaining is expected at the 24 September summit.

South Korean chip stocks surged together on 21 September: Samsung Electronics rose 4.98% to ₩274,000 (regaining the ‘₩270,000 level’) and SK Hynix 0.59% to ₩1,868,000. The backdrop was strength in US chip stocks and expectations of a large special dividend from Samsung Electronics, while SK Hynix is continuing talks with Intel on US memory production.

TSMC is reported to plan to expand monthly 2nm capacity from 90,000 to 110,000 wafers and 3nm from 180,000 to 210,000 by mid-2027. It will put 70-80% of annual capital spending of $60-64 billion into advanced processes, and on 21 September it also broke ground on an advanced packaging complex at the Baifu industrial park in Kaohsiung.

Cracks in the energy supply chain deepened. In Russia, Ukraine's largest-ever drone attack (20 September) repeatedly damaged refineries near Moscow and at Kirishi, deepening the diesel crisis, while Iran widened its Hormuz control line to a 77-vessel blacklist, cutting transiting ships to single digits. Saudi Arabia partially restored exports to about 4 million barrels a day via a Red Sea bypass.

The US Congress is pushing the ‘RASA’ bill to block Chinese AI firms from training through cloud servers in Southeast Asia and the Middle East. The SCMP assessed that the rule could also hurt Nvidia's overseas sales, and if it becomes reality, China's drive for self-reliance in domestic AI chips, led by Huawei, is expected to accelerate further.

Active conflicts

Key indicators

US Fed Funds Rate3.75~4.00% ―Unchanged since the 18 September FOMC. The week of 21 September had no regular meeting, so rates stayed on hold.
S&P 5007,764.70 (+1.49%) ▲Monday 21 September close. Lower oil prices, expectations for preliminary US-China talks in New York, and an AI/chip rally drove gains (confirmed by two or more outlets).
Nasdaq Composite27,122.09 (+2.26%) ▲Record close on 21 September (Mon). An AI and chip rally, including AMD's market capitalisation topping $1 trillion (confirmed by two or more sources).
US 10-Year Yield~4.96% ―Changed slightly from 4.94% on Friday 18 September. Lower oil prices eased inflation worries.
VIX Volatility Index15.44 ―The previous value is kept because the exact 21 September close differs between sources (readings range from 14.8 to 15.4 and risk being confused with the 18 September figure). Given the strength in stocks it may in fact have fallen, so further confirmation is needed.
Crude Oil (WTI / Brent)WTI ~$97.56 (-2.73%) / Brent ~$100.60 (down 3%+) ▼Prices fell for a fourth straight session on hopes of US-Iran diplomacy (Iran set out conditions for ending the war) and a partial recovery in Saudi exports, with WTI falling below $100. The downward direction matches across two or more sources.
Gold~$4,385/oz ―Sources reported different official settlement prices for 21 September (intraday dispersion of $4,309-4,413), so the previous value is retained. Hopes of easing Middle East tensions left prices slightly lower from the open.
Bitcoin~$85,500 (range of $85,100-86,350 across exchanges) ▲From a Monday opening in the $81,100s, Bitcoin surged to an eight-month high with large short liquidations ($648 million or more), breaking above its 50-week moving average for the first time in 45 weeks.
KRW/USD₩1,381.0 (-₩2.3) ▼Seoul 15:30 close on 21 September (Mon). The won edged stronger on strong chip exports (confirmed by two Korean outlets).
JPY/USD~¥157.0 ▲From 156.26 yen to about 157. After the BOJ's 18 September hike, the yen weakened despite wariness about yen carry trade unwinding (sources vary slightly, 156.84-157.23).
EUR/USD~1.1461 ―No reliable multiple sources could be found for 21 September, so the previous value is retained (only a single back-calculated source was available).
KOSPI7,007.72 (+1.65%) ▲Close on Monday 21 September, regaining 7,000 for the first time ever (a re-break after 7 trading days). Strong chip exports (+259.4% for semiconductors in 1-20 September) lifted Samsung Electronics (+4.98%, ₩274,000) and SK Hynix (+0.59%), confirmed by four or more Korean outlets.

Key relations

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