US inflation just posted its biggest drop in six years, but Meru flags a trap: right after the survey window closed, the Middle East flared up again and oil rebounded more than 20% in two weeks. The pretty inflation number may already be stale. Then the main event: SK Hynix's freshly listed ADR jumped 27% in a single day on one analyst price target, creating a bizarre situation where the same share costs 49% more in New York than in Seoul. By the textbook, arbitrage should close that gap fast: sell the expensive one, buy the cheap one. But conversion is blocked right after listing and there's nothing to short, so the textbook doesn't apply. Meru's conclusion: the gap won't close. Instead, Seoul chases New York every next morning.
Why it matters · The premium is a live gauge of how much global capital wants Korean memory exposure, and can't get it through Seoul.
Worth asking · One stock, two prices, which would you buy?