RBA's Bullock: Key question is whether tightening already delivered enoughKospi extends decline to 10%Japan finance minister: Mon pol has moved to world of interest ratesSouth Korea June consumer sentiment 106.8 vs 106.6 priorNucor beats estimates, but shares shrug it offFOMC preview: Realized volatility to comeMarkets:Kospi -10.2%Nikkei 225 -4.2%S&P 500 futures -0.2%WTI crude oil down $1.36Gold down $25 to $4050The FX market is largely unchanged after a disappointing day on Monday. The tone coming in was sombre after the optimism around Hormuz faded from the euro and antipodeans on Monday. Both had started the week strongly but couldn't hold on and finished near the daily lows. That hasn't extended into the new day as the euro bounced 12 pips but so far the moves are tame. Notably though, oil is continuing to slide and WTI is at $81.18.The bigger story today by far is South Korea where Samsung and SK Hynix are both down double digits and the broader market is in a rout, off by more than 10%. It's had a sensational move this year but it's rapidly coming undone with the market down by 30% in six weeks. Fears about the memory bubble bursting are chip stocks falling are the catalyst. We get some more Mag7 earnings this week and is it time for someone to finally bow out of the capex race? That's the big question at the moment.In Australia, Bullock retained a hawkish bias but didn't sound like she was in a rush to hike. AUD/USD was initially unmoved on her comments but has dropped a few pips since. That's hardly the kind of thing to get the blood moving so we'll wait for more data.For now, it's clear that equity markets are the only macro story that counts. This article was written by Adam Button at investinglive.com.