Nuevo León courts South Korean World Cup fans as 'Pes-korea' buzzes near Monterrey

MONTERREY, Mexico (AP) — In a bold new advertising campaign, the government in the Mexican state of Nuevo León is extending a spirited invitation to South Korea fans: Come home to Monterrey for the World Cup.

For many, such a trip won’t just be a sports junket; it will be a family reunion.

The ties between the two distant lands are etched into the very skyline of the region. In the bustling municipalities of Apodaca and Pesquería, which hug the borders of Monterrey, South Korean industry has become the heartbeat of the local economy.

The transformation began in 2006 when LG Electronics established its appliance stronghold in Apodaca, planting the first seeds of a cross-continental partnership. A decade later, the stakes were raised when KIA Motors arrived in Pesquería.

The impact on Pesquería was nothing short of miraculous. Once a quiet, sun-baked agricultural town where life moved at the pace of a harvest, the arrival of the massive automotive plant transformed it almost overnight into a high-tech global industrial hub. This metamorphosis earned the area the affectionate nickname “Pes-korea.”

Estimating the number of South Koreans currently living near Monterrey is complicated. Citizens of that country don’t need visas, and the number fluctuates. The honorary consul of South Korea in Monterrey, Gregorio Canales, estimates there are about 5,000.

“South Korea is the second largest investor in Nuevo León, larger than Canada and only surpassed by the United States. For Monterrey, the Korean manufacturing sector is very important,” Canales told the Associated Press.

With many South Koreans working in Pesqueria, Apodaca and Monterrey, the landscape has changed to accommodate the new residents. Big supermarket chains like Soriana, a Mexican version of Walmart, has signs in both Spanish and Korean, there are authentic K-BBQ restaurants, Korean grocery stores and more.

“Monterrey has traditionally had little immigration from other countries, which is why you see so many Koreans,” Canales said. “I know of many Korean restaurants, temples and a very important church, Our Lady of Fatima, where they hold Mass in Korean once a week. They feel comfortable and happy here.”

The arrival of the Koreans motivated local entrepreneurs to try to take advantage of that market, including some small businesses like Mario Alberto Cantú, who owns a tire repair shop in downtown Pesquería with signs in Spanish and Korean. ,He estimates that nearly half his costumers are Koreans.

“When I started the business, I decided to incorporate part of their language, putting up the sign “Tire Sales” so they would feel included and know that there is a service for them and provide a business they could understand in their language,” Cantú said. “At first, we were all surprised and felt uncomfortable, but we need to adapt to them because they are already here."

The local South Koreans have also adapted over the years, and some have learned even Mexican slang.

“Now they speak a lot of Spanish, a lot of Mexican slang, they know how to swear, it’s surprising that many of them speak Spanish without any problem,” Cantú said.

Estimating the number of Koreans in Monterrey is also difficult because many stay after finishing their factory jobs.

“There are many cases of people who got married and stayed; the Mexican lifestyle suits them well. I’ve met many of them who retire from their formal jobs and come to live in Monterrey. They prefer to continue living here rather than return to Korea.” added Canales.

The government’s campaign to invite South Korea fans is a masterstroke of timing. There is a deep-seated “football debt” between the two nations that residents haven’t forgotten.

During the 2018 World Cup, South Korea defeated Germany, which allowed Mexico to advance to the knockout stage. In Monterrey, fans famously marched to the South Korean consulate to celebrate, chanting “Coreano, hermano, ya eres mexicano (Korean brother, you are now Mexican)!"

In addition, the Cuauhtémoc brewery, which is based in Monterrey, sent hundreds of boxes to the KIA plant to say thank you.

“We had a beer truck out here, and that was a very, very thoughtful gesture, something you don’t see often," said Rafael Medrano, the head of Human Resources at KIA. "I had never experienced anything like that before, and I think it was something that surprised everyone who was here at that moment, and we were left with an experience we can share with great joy.”

The arrival of the World Cup in Monterrey will not go unnoticed at the KIA factory. Although only 15% of the 2,500 employees are South Korean citizens, the company plans to hold several activities for match days, especially when South Korea faces South Africa on June 24. Since KIA is an official World Cup sponsor, the human resources department will distribute tickets to employees for matches not only in Mexico but also for the semifinals and the final.

“People are very excited. I see a lot of enthusiasm for the World Cup. We had the opportunity to acquire some tickets so we could also give our colleagues access to important matches,” added the 43 year-old Medrano.

In addition to the match in Monterrey, the South Koreans will have their other two first-round matches in Guadalajara, another Mexican host site in the World Cup, where they will face Mexico and Czechia.

“The Koreans are very, very excited to see their team play here. I don’t know if the enthusiasm of us Mexicans is also contagious with the other culture that interacts in this plant,” Medrano said.

According to the tourism minister in Nuevo Leon, Maricarmen Martinez, over 112,000 South Korean visitors traveled to Mexico in 2025 and they are expecting that number to grow with the World Cup.

The office announced a “Korea Week” in Monterrey during June to accommodate the expected influx and when South Korea plays South Africa in Monterrey, the atmosphere will likely feel like a “home game” for the Taeguk Warriors. The Monterrey stadium won’t just be filled with visitors, but with thousands of local residents who call both Seoul and Monterrey home.

AP World Cup coverage: https://apnews.com/hub/fifa-world-cup

A replica of the UEFA Champions trophy is displayed next to clocks with the local time and Korea time at the Kia motors headquarters in Pesqueria, Mexico, Tuesday, March 31, 2026. (APPhoto/Fernando Llano)

Employees leave the administrative offices at the KIA Motors plant in Pesqueria, Mexico, Tuesday, March 31, 2026. (APPhoto/Fernando Llano)

Customers dine in a Korean restaurant in Pesqueria, Mexico, Tuesday, March 31, 2026. (APPhoto/Fernando Llano)

Customers arrive to a Koran restaurant in Pesqueria, Mexico, Tuesday, March 31, 2026. (APPhoto/Fernando Llano)

Small business owner Mario Alberto Cantú stands outside his tire repair shop, with words in both Spanish and Korean displayed across the storefront in Pesqueria, Mexico, Tuesday, March 31, 2026. (AP Photo/Fernando Llano)

NEW YORK (AP) — The U.S. stock market is falling from its records Friday and joining a worldwide drop for stocks, as higher oil prices send a shiver through the bond market. Stocks that had been caught up in the euphoria around artificial-intelligence technology led the way lower.

The S&P 500 fell 1.2% from its all-time high set the day before. The Dow Jones Industrial Average was down 426 points, or 0.9%, as of 10 a.m. Eastern time, and the Nasdaq composite was down 1.8% from its own record.

Technology stocks tumbled in a sharp turnaround from their meteoric rises for much of the year, which had carried markets worldwide to records but also raised criticism that they had gone too far.

Nvidia, the stock that quickly became the face of the AI revolution, dropped 4.5% and was the heaviest weight on the S&P 500. It had come into the day with a gain of more than 26% for the year so far.

Applied Materials fell 2.3% even though it reported stronger profit growth for the latest quarter than analysts expected, thanks to the global build out of AI. The company, whose products help make chips and displays, came into the day with a gain of more than 70% for the year so far.

“To us, it looks like markets have pushed into overbought territory,” according to Brian Jacobsen, chief economic strategist at Annex Wealth Management. He said the strong corporate profits and durable U.S. economy that launched U.S. stocks to records remain intact, but “the path is unlikely to be smooth. Periods like this call for discipline more than hope.”

In the meantime, rising oil prices are raising the pressure after already worsening inflation by more than economists had feared. The war with Iran is continuing, and the Strait of Hormuz remains shut to oil tankers, which is preventing them from delivering crude to customers worldwide and driving up oil’s price.

The price for a barrel of Brent crude oil, the international standard, rose 2.7% to $108.57 and is well above its level of roughly $70 from before the war.

Many big U.S. companies have been saying their customers have been able to keep spending on their products and services despite having to pay higher prices for gasoline. But U.S. households have also been telling surveys they’re feeling discouraged about the economy and the pressures building on them because of the war and tariffs.

The worries were most clear Friday in the bond market, where Treasury yields climbed. The yield on the 10-year Treasury rose to 4.57% from 4.47% late Thursday. That’s a notable move for the bond market, and it’s well above its 3.97% level from before the war. The yield on the 30-year Treasury is near its highest level since 2023 after breaking above 5%.

Higher yields can make mortgages and other kinds of loans going to U.S. households and businesses more expensive, which slows the economy. They also tend to push downward on prices for stocks and all kinds of other investments.

Stocks of smaller companies had some of Friday's sharpest drops as yields jumped. Many of them need to borrow cash to grow, which means higher borrowing costs can hurt them more than their big rivals. The Russell 2000 index of the smallest U.S. stocks fell 2.3%.

Yields have been climbing since the war on worries about higher inflation and how it may tie the Federal Reserve’s hands when it comes to short-term interest rates. Not only have traders abandoned virtually all expectations that the Fed will resume its cuts to interest rates this year, they’ve been building some bets that it may even hike rates in 2026, according to data from CME Group.

A couple of reports on the U.S. economy that came in better than expected also helped to lift yields. One said U.S. industrial production improved by more last month than economists expected, while another said manufacturing in New York state is expanding at a faster rate.

In stock markets abroad, indexes fell sharply across Europe and Asia.

South Korea’s Kospi dropped 6.1% for one of the biggest moves. It had been reaching records this year because of the influence of AI beneficiaries like SK Hynix. But it quickly reversed momentum Friday after briefly topping the 8.000 level for the first time.

Some on Wall Street have been warning about a possible break in momentum for tech stocks in general and AI winners in particular.

“If nothing else this should be a ‘shot across the bow’ for how volatility works both ways,” according to Jonathan Krinsky, chief market technician at BTIG.

AP Business Writer Chan Ho-him contributed.

Trader Patrick Casey works on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)

President Donald Trump, left, walks with Chinese President Xi Jinping at the Temple of Heaven on Thursday May 14, 2026, in Beijing. (AP Photo/Mark Schiefelbein)

A dealer stands near the screens showing the Korea Composite Stock Price Index (KOSPI), and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 15, 2026. (AP Photo/Lee Jin-man)

Employees of Hana Bank celebrate in a photo-op to mark the Korea Composite Stock Price Index (KOSPI) of over 8,000 points at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 15, 2026. (AP Photo/Lee Jin-man)