Eurozone June flash services PMI 48.9, expected 48.6, prior 47.7.

The euro slid to its lowest level since August after weak economic data and dovish comments from ECB President LAGARDE, prompting traders to pare back rate‑hike bets. June showed contraction in German private‑sector activity and in French business activity; the euro hit an intraday low on the prints. Option markets show the most bearish euro positioning in over three months. LAGARDE said she did not see a need for a more hawkish ECB response to spillovers from the Iran war, a stance that contrasts with stronger inflation signals from Fed chair KEVIN WARSH last week. ING currency strategist Francesco Pesole said LAGARDE's unusually dovish language is significant because the ECB had spent the past three months largely defending market hawkish expectations.

South Korea’s KOSPI plunged 9.99% on Tuesday, the largest one-day drop in three months, after foreign investors sold following a regulator signal that the chip sector was overheating. CLSA chief equity strategist Alexander Redman said the move exposed heightened volatility driven by heavy retail participation and margin use, warning volatility "has gone out of control" and noting regulator-approved leveraged single-stock ETFs have amplified risks. South Korea’s market regulator acknowledged it was too hasty approving leveraged funds tied to major chip names launched last month and warned retail investors against using leverage as margin debt and financing to buy stocks hit a record high in June.