According to BlockBeats, on July 29, JPMorgan Chase stated in a research report this morning that the dramatic deleveraging process in the South Korean market since mid-June indicates that the liquidation of leveraged ETFs has been largely completed, hedge funds have completed about 90% of their operations, and the relevant ratios have returned to a more acceptable level.

In a report, JPMorgan strategists Mixo Das and others wrote that, overall, the current positioning of South Korean stocks is quite attractive, with low valuations and strong earnings growth. "With the market correction, this type of funding has now decreased to $17 billion," the report stated, noting that the previous rapid inflow of funds into leveraged ETFs has slowed significantly in recent days. However, the recent stock market plunge could still trigger further deleveraging in the coming days. Meanwhile, many investors remain cautious, given the risk of an interest rate hike at the Federal Open Market Committee meeting and high expectations for the upcoming earnings reports from mega-cap technology companies.

BlockBeats reports that July 29th will be a sleepless night for the markets. The Federal Reserve's decision and Microsoft's Meta earnings report are looming, while Trump's tough stance on Iran exacerbates market anxieties.

The following is a summary of key information before the market opened on Wednesday:

The Federal Reserve's decision will be announced during the US stock market session tonight, while Microsoft and Meta's earnings reports will be released after the market closes. It's worth noting that on the eve of Microsoft's earnings release, its short positions rose to their highest level in nearly a decade , reflecting continued market concerns about whether AI capital expenditures can translate into revenue growth.

2. Trump made a tough statement on Iran before the US stock market opened, saying, "We will hit them hard, they will be hit hard."

3. Following an emergency meeting, the South Korean Ministry of Finance stated that South Korea is committed to taking further measures to stabilize the stock market , including restricting leveraged ETF trading. Simultaneously, South Korea will strengthen regulation of leveraged ETF trading, limit retail investors' exposure to leveraged ETFs, immediately introduce additional regulatory measures for single-stock leveraged ETFs, and increase related transaction costs to curb ETF speculation.

Regarding individual stocks:

UBS (UBS.N): Group revenue for the second quarter was $13.7 billion, compared to market expectations of $13.986 billion.

NXP Semiconductors: Q2 2026 revenue was $3.496 billion, compared to $2.926 billion in the same period last year; net profit was $767 million, compared to $445 million in the same period last year.

NextEra Energy (NEE.N), a major U.S. power and energy infrastructure company, and Brookfield Asset Management will invest $100 billion to build a Kentucky data park.

Seagate Technology (STX.O): Fourth fiscal quarter revenue was $3.629 billion, exceeding market expectations of $3.485 billion; first fiscal quarter revenue is expected to be between $4 billion and $4.2 billion, compared to market expectations of $3.749 billion.

The Canadian government plans to eliminate special taxes levied on entertainment companies such as Netflix (NFLX.O) and Disney (DIS.N), but streaming platforms will still be required to allocate a portion of their revenue to producing Canadian and Indigenous film and television content.

Intel (INTC.O) announced the completion of the U.S. Department of Defense’s Rapid Assurance Microelectronics Prototyping-Commercial Program, which helps commercial and defense customers build chip design environments, chip testing, and early product prototyping using Intel’s 18A process, laying the foundation for future entry into the SecureEnclave Secure Manufacturing program.

SK Hynix (SKHY.O): Q2 revenue reached 79.32 trillion won (US$54.55 billion), up 51% quarter-on-quarter and 257% year-on-year, but below market expectations of 84 trillion won; operating profit reached 60.54 trillion won, up 61% quarter-on-quarter and surged 557% year-on-year, but below market expectations of 64 trillion won.

Nvidia stated that its engineers are using its proprietary chip design software to design the next generation of graphics processing units.

GlobalFoundries announced on the 29th that it has signed a letter of intent with the U.S. Department of Commerce to accelerate the development of next-generation silicon photonics technology. Under the agreement, the U.S. Department of Commerce is expected to provide GlobalFoundries with $300 million to advance research and development in advanced optical materials, wafer technology, and advanced packaging to support next-generation optical interconnect technologies needed for AI and high-performance computing data centers.

According to BlockBeats, following an emergency meeting on July 29, South Korea's Ministry of Finance stated that it is committed to taking further measures to stabilize the stock market, including restricting leveraged ETF trading. South Korea will maintain its 24-hour stock market monitoring system and establish a legal basis for implementing market stabilization measures in case of emergencies.

Meanwhile, South Korea will strengthen regulation of leveraged ETF trading, restrict retail investors' exposure to leveraged ETFs, immediately introduce additional regulatory measures for single-stock leveraged ETFs, and increase related transaction costs to curb ETF speculation.

According to BlockBeats, on July 29th, Jiang Zhuoer, founder of B.TOP mining pool, posted an article stating that with 5 hours to go before the Federal Reserve's interest rate meeting, the market's pricing in a rate hike remains highly divergent, with 65% believing there will be no rate hike and 35% believing there will be. Typically, the futures market prices the outcome with high consensus on the eve of the meeting. Therefore, this situation is extremely rare in recent years, belonging to the "outlier" level of divergence.

Jiang Zhuoer's personal prediction is: no interest rate hikes, but Warsh will adopt a hawkish stance to maintain market balance. The price will first surge, overwhelming the bears, then plummet, overwhelming the bulls.

In addition, Jiang Zhuoer warned of the "FOMC curse" effect in the crypto market, noting that Bitcoin has fallen after each of the last eight FOMC meetings.