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World briefing — September 23, 2026

As of 2026-09-23

What changed since yesterday

World trends

War & Conflict

As of 23 September 2026 (KST): Russia launched a major strike on Dnipropetrovsk region (212 drones, 4 cruise missiles, an Oniks), killing 3 and cutting power to 100,000 households, while Zelensky and Macron met Trump in succession to push a moratorium on strikes on energy facilities (Russian agreement unconfirmed). In his UN General Assembly speech Trump warned Iran of a deal or annihilation, and Iran counter-offered to reopen the Strait of Hormuz within 7 days if military pressure eases. The Houthis kept up their offensive across Saudi Arabia, creating a further 125,000 displaced people this month alone, while Israeli forces continued their offensive, including dropping white phosphorus on southern Lebanon. In Sudan, the front has widened to the Blue Nile and Darfur borders after the recapture of North Kordofan, and in Ethiopia seven armed groups including the TPLF and Amhara Fano formed an anti-government alliance, raising fears of escalation. In the Congo, Amnesty International exposed killings and torture of mine workers by M23.

Geopolitics & Diplomacy

President Xi Jinping makes a state visit to the US on 23-25 September, his first in 11 years. A White House summit and state dinner are scheduled for 24 September, with tariffs, rare earths, AI and Taiwan the key agenda items, the culmination of Xi's unusually busy round of visit diplomacy through September.

In his UN General Assembly speech on 22 September, President Trump warned Iran of 'a deal or annihilation' and said he would decide after the midterm elections. Iran countered that it could reopen the Strait of Hormuz within seven days on condition that military pressure is eased and the port blockade lifted, but the US has yet to give an official answer to the seven conditions for ending the war that Iran conveyed earlier.

On the Russia-Ukraine front, Russia launched a large-scale attack on Dnipropetrovsk region with drones and cruise missiles, killing three people and cutting power to 100,000 households. Zelensky and Macron, in the US for the UN General Assembly, each met Trump and agreed to push for a mutual moratorium on strikes on energy and civilian infrastructure, but whether Russia agrees has not been confirmed.

A succession of major natural disasters struck. Japan suffered six deaths and evacuation advisories for about 2 million people from Typhoon Dujuan, and the death toll from the Nepal flood passed 1,450. Congo's Ebola outbreak keeps growing, to 7,672 confirmed cases and 3,699 deaths, and Indonesia is facing both the Java Sea ferry sinking (129 missing) and the worst wildfire haze since 2015.

Elsewhere, North Korea continued its show of force against the US by publicising a test of a new hypersonic missile, and in Ethiopia seven armed groups, including the TPLF and Fano, formed an anti-government alliance. Niger's junta stepped up repression by stripping exiled dissidents of their nationality, and Pakistan carried out retaliatory airstrikes on the Afghan border after the 18 September terrorist attack on the Kohat police headquarters (31 dead).

Finance & Economy

On Wall Street on Tuesday 22 September, the Nasdaq set a new record high (27,244.28, +0.45%). A chip rally and AI hopes led the index, and the VIX fell below 15, to 14.87, as market volatility subsided. However, the Fed's September dot plot turned more hawkish, with 16 of 18 members signalling further hikes this year.

USD/KRW closed down a sharp ₩22.8 at ₩1,358.2 (the biggest drop in two and a half months), as dollar selling ahead of the Chuseok holiday combined with a recovery in risk appetite. The KOSPI edged up 0.15% to 7,017.91, holding above 7,000.

Oil fell for a fifth straight session after Trump disclosed that he had held three hours of talks with Iran on the sidelines of the UN General Assembly, pushing WTI to a two-week low of $94.59. Hopes for a reopening of the Strait of Hormuz and news of Saudi Arabia restarting its East-West pipeline helped the decline.

Emerging markets were mixed. Argentina's country risk rose for a sixth straight session, breaking through 540 to its highest since May, while Brazil's Ibovespa gained on lower oil prices and steadier government bond yields. In Australia, outgoing RBA Governor Bullock's final speech made a 25bp hike on 29 September a foregone conclusion.

The US-China trade talks in New York entered a second day, widening the scope of discussion to AI and investment. With the question of extending the tariff truce, which expires on 10 November, emerging as the key issue, last-minute coordination continues ahead of the 24 September summit in Washington.

Tech & Energy

President Xi Jinping arrived in Washington on 23 September for a state visit running to 25 September. Big tech CEOs are due to attend the 24 September White House summit and state dinner, where the agenda covers the Board of Trade agreed in May, tariffs, rare earths, AI technology and Taiwan.

Ahead of the summit, China's rare-earth magnet exports to the US fell 20-21% from the previous month, interpreted as negotiating leverage. At the same time, Huawei announced it is moving the launch of its next-generation AI chip, the Ascend 960DT, forward from late 2027 to the first quarter, and Jensen Huang also admitted that the Chinese AI chip market has effectively been ceded to Huawei.

Saudi Arabia began restarting its East-West pipeline on 22 September, after it was paralysed by an Iraq-launched drone attack on 10 September. It will take several more weeks for supplies of 4 million barrels a day from the Red Sea port of Yanbu to return fully to normal.

In Russia, after the large-scale drone attack near Moscow on 20 September, refineries in Samara and Ufa were hit in succession overnight on 21-22 September, deepening the diesel fuel shortage.

Competition in chips and AI infrastructure also continued. SK Hynix set out its technology vision for the AI era at its ‘2026 Global Forum’, and the UAE's G42 announced the deployment of an 8-exaflop sovereign AI supercomputer in India right after Semicon India.

Active conflicts

Key indicators

US Fed Funds Rate3.75~4.00% ―Unchanged since the 18 September FOMC hike (22 September was in a week with no regular meeting). In the hawkish SEP dot plot, 16 of 18 officials signalled another 25bp hike this year.
S&P 5007,764.64 (-0.06 points, effectively flat) ―Tuesday 22 September regular-session close. The Dow fell 0.36% to 51,863.69, and the index closed flat as oil dropped sharply despite the continuing AI rally.
Nasdaq Composite27,244.28 (+0.45%) ▲Record close on 22 September (Tue). The chip rally lifted the Nasdaq 100 to its first high since June, and favourable reviews of Meta's ‘Muse’ AI agent also helped.
US 10-Year Yield~4.95% ―Roughly flat on 22 September (4.93-4.97% depending on source, owing to timing differences). Almost unchanged as investors watch Fed officials' remarks, oil and the Middle East situation.
VIX Volatility Index14.87 ▼Below 15 on 22 September. Volatility contracted amid strong equities, including a record high for the Nasdaq (some called it an unusual sense of relief).
Crude Oil (WTI / Brent)WTI ~$94.59 (-1.2%) / Brent ~$99.25 (-1%) ▼Prices fell for a fifth straight session on 22 September, to a two-week low. Trump disclosed a three-hour meeting with Iran on the sidelines of the UN General Assembly, and hopes of reopening the Strait of Hormuz and resuming exports from Saudi Arabia's Yanbu port drove the decline.
Gold~$4,307–4,310/oz ▼On 22 September, hawkish Fed remarks lifted the dollar and gold fell further (down by 0.8% or so). Reports also say China's gold imports are running at a record high.
Bitcoin~$86,000–86,600 ▲Remained near its highest since January, up more than 6% over 24 hours. Traded sideways in the mid-$86,000s from morning through afternoon.
KRW/USD₩1,358.2 (-₩22.8) ▼Seoul 15:30 close on 22 September. Dollar-selling flows ahead of the Chuseok holiday combined with a recovery in risk appetite on hopes of US-Iran talks, producing the biggest fall in two and a half months.
JPY/USD~¥157.0 ―On 22 September the dollar rose to 157.6 yen intraday before slipping back to the 156.9 range in the evening (sources vary, 156.9-157.6). Despite the BOJ hike, continued yen carry unwinding left no clear direction.
EUR/USD~1.1466 ―On 22 September it traded in a 1.1455–1.1467 range, not far from the previous value. The Fed's hawkish stance supported the dollar.
KOSPI7,017.91 (+0.15%) ▲Close on Tuesday 22 September, holding firmly above 7,000 on foreign net buying. The KOSDAQ was mixed, down 0.23% (834.38) as foreigners and institutions both sold.

Key relations

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